S hopping C enters
F eaturing
M id -A tlantic C onference & D eal M aking
Real Estate Journal — Shopping Centers — February 26 - March 10, 2016 — 3A
www.marejournal.com
M id A tlantic
Recently acquired by Virginia Beach-based Armada Hoffler Properties Divaris adds over one million s/f to portfolio with 11 properties
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can General Life Insurance, was represented by Gerald Divaris. Coast Dental Services re- newed its lease for 1,680 s/f of office space in St. John’s Plaza in Titusville. The den- tist office provides preventive, restorative, and cosmetic dentistry services. Divaris handled the lease on behalf of the landlord for this transac- tion as well. Dermalogica leased 1,861 s/f of office space in the Trac- torworks Building located at 800 Avenue North in Minne- apolis, MN. Michael Divaris, Vivian Turok and Krista Costa of Divaris Real Estate represented the tenant in the negotiations with the land- lord, Tractorworks, LLC. Di- varis has been the real estate representative of Dermalogica for over 15 years for its real estate requirements in the U.S. and Canada. n The Fraser Centre is a 265,000 s/f new construction project situated on the crest of Pennsylvania State Uni- versity’s main campus. The celebrated building, marking the town’s tallest construction and first new hotel in more than two decades, contains 50,000 s/f of retail space; a 165- room Hyatt Place Hotel; and 26 residential condominiums. Gary Brandeis of Real Es- tate Capital Management , the co-developer, added, “By offering large floor plate, energy-efficient retail suites with 15’ ceilings and floor- to-ceiling exterior glass, The Fraser Centre has given inter- national retailers seeking this type of modern space the abil- ity to access Downtown State College for the first time.” Construction of The Fra- ser Centre is ongoing, with grand openings for the cen- ter’s retailers projected for fall 2016. n mixed-use development like The Fraser Centre.”
retail centers located in Vir- ginia, Tennessee, Indiana and Texas. Management and leasing will be coordinated from Divaris’ Richmond and Virginia Beach offices with the use of affiliates in Tennes- see, Indiana and Texas. DRE completed four lease transactions totaling 15,828 s/f of commercial space. Floor Factory Outlet leased 10,687 s/f of retail space in the Divaris-leased and –man- aged St. John’s Plaza Shop- ping Center located at 3239 Garden St. in Titusville, FL. Floor Factory Outlet offers carpet, laminate, hardwood, vinyl, tile and stone flooring from its superstores in Saint Augustine, Leesburg, Ocala and Titusville, Fl. Other ma- jor tenants in St. John’s Plaza include: Publix, Dollar Tree, Hair Cuttery, Sally Beauty, GNC, AT&T, and Quest Diag- nostics. The landlord, Ameri-
IRGINIA BEACH, VA — Gerald Di- varis , chairman and
CEO of Di- varis Real Estate, Inc. (DRE) , an- nounced the addition of 11 shopping c ent e r s t o its leasing and man-
Gerald Divaris
agement portfolio. The total space exceeds 1,082,681 s/f of retail space in centers that were recently acquired by Vir- ginia Beach-based Armada Hoffler Properties . The portfolio is located through- out the Mid-Atlantic and South-Central United States. It is currently 94 percent oc- cupied: “This is a significant addi- tion to our portfolio increasing our total leased and managed properties from 25 to over 26 State College, PA — RSR EB-5 Regional Cen- ters (RSR) , an affiliate com- pany of Switzenbaum & Associates announced the recent financing of a mixed- use, ground-up construction in State College, through the United States Citizenship and Immigration Services (USCIS) EB-5 immigrant investor program. RSR is providing $15.5 million to borrowers Fraser Partners, LLC , an affiliate company of Real Estate Capital Man- agement and Brickbox Enterprises Ltd. , for the construction of The Fraser Centre. The interest-only loan is in conjunction with a senior construction loan from Fulton Bank, which provided the re- mainder of the required debt for the project. Loans from both RSR and Fulton Bank closed in November 2015. Originally structured for 30 investors, the project opened an additional spot due to increased demand. While
Core assets feature major anchor tenants including Harris Teeter, PetSmart and T.J. Maxx
million s/f of leased and/or managed assets,” said Gerald Divaris. “Divaris Real Estate is experiencing a period of rapid growth and expansion that is very positive and excit- ing at the moment.” The core of the portfolio consists of six retail centers well positioned along the I-85 corridor between Raleigh- Durham, North Carolina and
Greenville, South Carolina. These core assets feature ma- jor anchor tenants including Harris Teeter, PetSmart, T.J. Maxx, Bed Bath & Beyond, Ross Dress for Less, Hobby Lobby and Petco. These prop- erties will be managed and leased out of Divaris’ Char- lotte office. The remaining five properties in the portfolio are each Kroger-anchored
Real Estate Capital Management co-develops 265,000 s/f new construction project Switzenbaum & Associates finances $15.5 million EB-5 loan for mixed-use development in State College, PA
The Fraser Centre
USCIS requirements for EB-5 stipulate that a minimum of 10 new jobs must be created for every investor, this proj- ect’s construction and opera- tion will create an estimated 521 jobs, marking more than 200 than what is required. “Through our international network primarily focused in China and the U.S., The Fra-
ser Centre’s EB-5 loan is just the beginning of a lending platformwith several projects in the pipeline,” said Samuel Switzenbaum , president
and CEO of Switzenbaum & Associates. “We are thrilled that the trend is spurring development in State College, where the need exists for a
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