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Ross Dress For Less expands its locations in central Virginia with the opening of its latest store in Richmond's Willow Lawn Mall.

Divaris Secures Sites in Virginia
for National Retailers

VIRGINIA BEACH, VIRGINIA -- It turns out that Dick’s Sporting Goods, DSW, Ross, PetSmart, Kohl’s and Best Buy have more in common than just being dominant players in their respective market segments. They are also all major national retailers that chose Divaris Real Estate Inc. (DRE) to assist them with their expansion plans throughout the Commonwealth of Virginia. With over 100 clients, DRE has exclusive tenant representation assignments that all commercial real estate firms desire.

“It is our job to stay tuned into the market, so we can properly represent our clients and put them into position in the market from which they will benefit,” says Senior Vice President Brett Womack, of DRE’s Richmond, Va. office.

“That’s why tenant rep assignments are so complex. Essentially, we are making lasting contributions, not only to the retailer, but to the community as well,” explains Womack, who is representing retailers like Boscov’s, Kohl’s, Chico’s and ULTA with their expansion plans throughout central and western Virginia.

Senior Vice President Mary McGovern, of DRE’s Virginia Beach headquarters office, certainly agrees. This was the case for Best Buy when it expanded its sites in the Hampton Roads market this past year. With established locations in the Pembroke area of Virginia Beach, the Greenbrier section of Chesapeake and on Jefferson Avenue in Newport News, DRE identified new trade areas where Best Buy could go to complete its market coverage. And Landstown Commons, the 500,000-square-foot, mixed-use development in Virginia Beach’s Gateway corridor, was one such opportunity.

“In Virginia Beach, the Pembroke store has such an enormous volume of customers,” states McGovern, who is currently assisting Best Buy, Kohl’s, DSW, Ross Stores and Old Navy with their expansion strategies in Hampton Roads. “We looked at something close enough to alleviate some of that traffic, while also reaching a new market. Landstown is in the city’s high growth area and is a perfect location for Best Buy’s next Virginia Beach store.”

Best Buy also leased 30,000 square feet for a prototype store to be constructed at The Marquis in Williamsburg, Va., one of the first “power town” developments on the Virginia Peninsula.

McGovern also represented Old Navy, in a transaction for 15,378 square feet of retail space in Williamsburg, Va.’s New Town; Dick’s Sporting Goods and Kohl’s to anchor The Marquis with 45,000 square feet and 89,911 square feet, respectively; as well as Kohl’s expansion in a recent deal to anchor Landstown Commons and Harbour View East in Suffolk.

Senior Vice President Debbie Wake, of DRE’s Richmond Office, has found that a number of her big box retail clients have shown considerable interest in expanding into Virginia’s previously underserved markets.

“Until now, customers in central and western Virginia have had to drive to bigger markets to shop,” said Wake. “Retailers realize that this consumer base resides in viable markets and has the money to shop. It’s all been inspired by Target’s move to the smaller markets.”

Wake -- who represents Best Buy, Kohl’s, Ross Stores, ULTA, DSW and PetSmart in their expansion programs throughout the central and western regions of the state -- believes in keeping her clients’ best interests in mind at all times.

“It’s not just about another deal. It’s about a deal that makes the client profitable,” she says. “Because of our expertise and success in tenant representation, we understand the market and what’s coming on line, so our clients have the best possible opportunity for success.”

In the last year, Wake completed lease negotiations for Best Buy (30,000 square feet), PetSmart (20,087 square feet), and Ross Stores (30,187 square feet) in New River Valley Center in Christiansburg, Va. She also represented Ross Stores in several other lease negotiations: 30,000 square feet in Richmond’s Willow Lawn Mall, Village at Swift Creek and Wards Crossing West in Lynchburg. In addition, Wake secured a site for PetSmart at Waynesboro Town Center, a 400,000-square-foot, mixed-use “town center” style development in Waynesboro, Va.

Divaris Real Estate has the quantity and quality of tenant representation assignments unmatched by any other commercial real estate company. But what is even more noteworthy is just how much DRE’s associates enjoy servicing these accounts

“Every day, every retailer and every deal is different,” said McGovern. “That’s the beauty of tenant representation. Working with a variety of retailers. Staying knowledgeable with the market. There is never a dull moment.”

Wake adds, “Tenant representation is being a part of a company and trying to help them with their strategy, while getting a good education and understanding of the dynamics of each market. It’s not just performing a job for a client and never seeing them again. You have to understand their business and how they fit into the local retail scene. It really, truly is an ongoing relationship.”