NEWPORT NEWS, VA – March 15, 2016 – The recently acquired Denbigh Village Shopping Centre in Newport News, Virginia will soon experience a major overhaul. The asset will go under renovations, which will conclude third quarter of this year, as well as go through a period of repositioning to fully lease the remaining 50 percent vacant space, according to Cushman & Wakefield/Commerce.
Mishorim Gold Newport News, LP, a private equity fund with holdings in excess of 2 million square feet purchased the 341,400 square foot retail asset from DDR last month. “Our team worked in tandem with the buyer in the identification, due diligence, underwriting, pro forma projections, leasing assumptions, and repositioning strategy to bring this asset back to life,” said Jeremy Foley, director with Cushman & Wakefield/Commerce Las Vegas, Nevada. “Mishorim Gold’s repositioning plan will be a fresh approach, much different than how the asset was previously leased and managed.”
Mishorium Gold, which has assets in Nevada, Florida, Alabama, and North Carolina was drawn to the value add Denbigh Village Shopping Centre had to offer. A portion of the repositioning strategy will be to increase the asset revenue stream by working with new and different tenants to take occupancy.
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About Cushman & Wakefield/Commerce
Cushman & Wakefield/Commerce, headquartered in Salt Lake City, Utah is an independently owned and operated member of the Cushman & Wakefield Alliance, with offices throughout Utah, Nevada, Washington and Idaho. The firm partners with its sister company, Cushman & Wakefield/NorthMarq to provide innovative commercial real estate solutions to occupier and investor clients, offering transaction services, capital markets services, occupier and investor services, and real estate advisory.
Together the firms manage more than 52 million square feet of retail, industrial, and office assets, have annual revenues of more than $100 million, and employ more than 750 professionals. Learn more at www.comre.com, and www.cushwakenm.com. Cushman & Wakefield /Commerce and Cushman & Wakefield /NorthMarq are part of the Cushman & Wakefield platform.
About Cushman & Wakefield
The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.