L E A S I N G   &   M A N A G E M E N T

Mintworth Commons, a 64-080-square-foot, Harris Teeter-anchored center in Charlotte, N.C., is one of many properties DRE adds to its leasing and management portfolio.

DRE Undertakes Assignments
on Multiple Fronts

VIRGINIA BEACH, VIRGINIA — Divaris Real Estate Inc. (DRE) is a multifaceted company with a diverse base of clients in many markets. Recently, the company has procured property management assignments throughout the Southeast; its leasing teams are responsible for several new projects; and new tenant representation opportunities have come online as well.

Several retail projects recently have come under the watch of Divaris Property Management Corp (DPMC), including: Felton’s Crossing, a 112,240-square-foot center in Atlanta; Steele Creek, a 56,747-square-foot property in Charlotte, N.C.; Mintworth Commons, another center in Charlotte that encompasses 64,080 square feet; Freedom Plaza, a 21,300-square-foot project in Suffolk, Va; and finally Chesterfield Marketplace, a 440,000-square-foot property located in Richmond, Va. While these new property management assignments are retail, DRE and DPMC are active in all aspects of commercial real estate, managing a variety of developments, from office, industrial and flex to mixed-use, retail and entertainment projects.

“In management, the key to keeping a property well positioned in the market and to ensuring that it achieves its best value, is to understand the owner’s goals and objectives and the project’s intended customers,” says Susan Collins, national director of property management for DPMC. “One of the biggest challenges I enjoy is managing underutilized projects that have great potential. Chairman and CEO Gerald Divaris is one of the best visionaries in the industry, and we always keep a firm handle on current and future positionings of a project to maximize its capital value.”

DRE secures assignments in various ways, whether it is through long-term relationships or by going into the market directly. Oftentimes property management and leasing assignments come in a package, but regardless, the task to find new business is always on the table.

Collins notes that properties have begun to be traded by institutional owners to smaller property owners and individuals. Often these new owners want to self-manage, but in so doing, they often lose the economies of scale, long-term experience and depth of resources that a professional property management company can provide.

Divaris’ property management department has a history of over 35 years in the business with strong skills and resources to back up its managers. “We are more than just the eyes and ears of an owner; we work the property to get to its maximum potential. Responsiveness is the watchword for all aspects of management,” says Collins.

On the leasing front, DRE has secured several new assignments as well. In Virginia, Brenda Martin, of the company’s Richmond office, is leasing Emporia Marketplace — a 79,070-square-foot, Food Lion-anchored retail property located at Highway 58 and Market Drive in Emporia; and Bell Creek Market, a 79,000-square-foot property that is located at Pole Green and Bell Creek roads in Mechanicsville. Krista Costa and Robin Gasser are leasing 10,000 square feet on the second floor of Oceana Medical Center, a 20,000-square-foot, Class A medical office building under construction in the Corporate Landing Business Park on Perimeter Parkway in Virginia Beach. In Hagerstown, Md, Susan McGee is leasing North Pointe Centre, a Food Lion-anchored retail center.

Much of DRE’s leasing success results from its strong retail tenant representation relationships. The challenges of leasing vacancies at a property are greatly reduced by having ongoing knowledge of the requirements of a wide variety of potential tenants. According to Mary McGovern, senior vice president at DRE, some of the company’s newest clients include DSW, LA Fitness, Aerosoles, Staples and Dick’s Sporting Goods, all of which are looking for great new locations in top retail developments.

In terms of both leasing and tenant representation, “Understanding the market is paramount. You have to be expertly knowledgeable of your area to represent a retailer appropriately,” says McGovern. “In any relationship, the tenant rep must respond quickly to requests, must know the client’s needs and respect their corporate policies, all while making sure to communicate with the client on a regular basis. We are responsible for updating our retailers on the market, their competition, and on the progress of ongoing transactions and deals.”