Chain Store Age ranks DPMC the Country's second fastest growing third-party manager in its May, 2001 issue.

Divaris Property Management Corp. Honored By National Publications

VIRGINIA BEACH, VIRGINIA:  Divaris Property Management Corp. (DPMC) was ranked 27th among the top 50 commercial property managers in the nation in Shopping Center World's top managers poll which has published in its March 27, 2001 edition.  The Top Property Managers survey was based on total leasable area of shopping centers and freestanding retail properties managed, through September 30, 2000.

In a similar issue, DPMC, which is headquartered in Virginia Beach, Virginia, was ranked the second-fastest-growing third-party manager in the country as published in the May 2001 issue of Chain Store Age.  The article sites DPMC for having gained 6.29 million square feet of first-time management contracts for 23 properties in six states on the east coast. 

Additionally, in 2000, DPMC gained management contracts for various former Hechinger properties totaling 1.45 million square feet.

"Our growth is based on two things:  hands-on efforts by the principals of the company to provide service to our clients and customers," says Jay Couch, principal and director of Divaris Property Management Corp.  "Property owners appreciate the one-on-one service we give, and when they are asked to give a reference for DPMC, prospects hear about it."

Gerald Divaris, chairman and CEO of Divaris Real Estate, says that the continued growth of Divaris' portfolio is clear evidence that the company's philosophy and approach to property management works very well, as there is repeat business and added assignments from existing and past clients.

"We are a very hands on group and take our assignments seriously," says Divaris.  "DRE measures performance against annual improvements in the net operating income and ensures that the value of the asset has been enhanced through our continued efforts."

DPMC's newly acquired Virginia property management assignments include  Harbour Centre in Hampton, The SunTrust Bank Building in Newport News, The Wachovia Building in Chesapeake, Armada/Hoffler Corporate Center in Chesapeake, Wesleyan Commons Shopping Center in Virginia Beach and George Washington Commons Shopping Center in Chesapeake. 

Couch adds, "We hope to move to full Internet financial reporting in the coming years, which is expected to save time and money as well as improve efficiencies." 

Divaris currently manages and/or leases in excess of 28 million square feet of commercial space.  This reflects an increase of 6.7 percent from the fourth quarter of 2000.  There are 13 DRE offices, including the new association formed by a recent affiliation with Synergy Retail Group in Boca Raton, Florida and with The Plotkin Company in Portland, Maine.