Virginia Beach, Va. — Ingenuity Development has entered into a strategic alliance with a New York Stock Exchange-traded Real Estate Investment Trust (REIT) to combine forces on joint venture opportunities for retail and mixed-use projects in the Mid-Atlantic and the Southeast. Ingenuity will also see opportunities to work with its affiliate, Divaris Real Estate, to lease and manage completed projects.
The REIT will provide financing, project management, asset management and construction services. The alliance reinforces and formalizes an existing working relationship that has existed since 2000, while expanding its geographical scope.
The alliance will seek projects over 100,000 sq. ft., considering vacant development sites, partially developed projects and centers that would benefit from redevelopment.
Ingenuity Development’s DRE affiliate, a full-service real estate firm known for commercial real estate expertise, particularly in retail and mixed-use leasing and development, will be responsible for most of the pre-development work.
Divaris Real Estate (is a member of Realty Resources a national group of independent retail property brokers and managers, covering 91 major markets throughout the U.S.