VIRGINIA BEACH, VA: Sanford M. “Sandy” Cohen, president of Ingenuity Development (ID), announced that the company has entered into a strategic alliance with a New York Stock Exchange-traded Real Estate Investment Trust (REIT) to source joint venture opportunities for retail and mixed-use projects in the Mid-Atlantic and the Southeast. Ingenuity Development will seek opportunities and work with its affiliate, Divaris Real Estate, Inc., (DRE), ultimately to lease and manage the completed project.
The REIT will provide financing, project management, asset management and construction services. This strategic alliance reinforces an existing working relationship and expands it throughout the Mid-Atlantic and Southeast. This is a formalization of a partnership that has existed since 2000.
Targeting projects in excess of 100,000 square feet, Ingenuity Development and its partner will co-venture projects throughout the region. “We will vet opportunities to acquire vacant development sites, partially developed projects, or centers that will benefit from redevelopment,” said Cohen.
The market has rebounded as retail real estate has become a focused industry. We are finding opportunities in select markets which weren’t overbuilt prior to the recession. We’re also seeing new tenants expanding into emerging markets.”
Ingenuity Development is an affiliate of Virginia Beach-based DRE, a full-service real estate firm that is known for its commercial real estate expertise, particularly in retail and mixed-use leasing and development, and will be responsible for most of the pre-development work.
“We have had a mutually beneficial relationship with the REIT for many years,” said Gerald S. Divaris, chairman and CEO of Divaris Real Estate, “And we’re proud of the projects we have sourced and co-ventured and look forward to building on that relationship and expanding on a broader basis.”
Divaris Real Estate that has offices in Newport News, Norfolk, Richmond and Roanoke, VA; Charlotte, NC; and Washington, DC. Divaris Real Estate and Divaris Property Management Corp. are divisions of The Divaris Group, an international real estate brokerage and property management company that currently manages and/or leases in excess of 30 million square feet of prime office, retail and industrial space from New Jersey to Florida. Michael B. Divaris is President of Divaris Real Estate, Inc.
Divaris Real Estate is a member of Realty Resources, a national group of independent retail property brokers and managers, covering 91 major markets throughout the U.S. DRE is also the Virginia member of The CORE Network, a national group of office and industrial brokers with principal firms throughout the U.S., Canada, Mexico, Asia and Europe. These organizations represent corporate and institutional clients, tenants and buyers in all aspects of leasing, development, management, sales and acquisitions.