Mr Williamsburg, Revolutionary ideas on real estate!Hampton Roads Virginia

Divaris Real Estate has been appointed the exclusive leasing and management firm for The Marquis Shopping Center, located at Route 199 and I-64 in Williamsburg, Virginia. The Marquis is a 750,000-square-foot, regional power center.  At its completion, The Marquis will be the largest retail development in Williamsburg, featuring specialty retailers and restaurants and several big-box retailers including Target, Kohl’s, Dick’s Sporting Goods, Best Buy and JCPenney.
All five major anchor tenants are committed to staying in Williamsburg, having signed on with The Marquis during its pre-development stage.   “The tenants are pleased with the performance of their stores and happy with the co-tenants that exist in The Marquis,” said Shawn Todd, CEO of Todd Interests, the development company that recently purchased the property. To that extent Dick’s and Best Buy have extended their leases since ownership changed in late 2011.
“Now that Todd Interests have acquired the property and have stabilized the issues of The Marquis’ former developer, we are excited about the ongoing plans for redevelopment,” said David Berndt, Partner in David Berndt Interests, Ltd., who has entered into a joint venture with Todd Interests for the additional development of the site.
Phase I of The Marquis is now open and Phase II is expected to be delivered by the fall of 2013.  In addition to the major big box anchor tenants, negotiations are underway with several restaurants, soft goods, apparel and a theater tenant.
“The Marquis is located off Interstate 64 with unique demographics and physical attributes. This makes the large development regional in nature, with a draw that reaches Gloucester,” said Divaris.

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