Best Buy Stores, L.P. Purchases 8 Acres for Charlottesville’s First Location

Posted on July 02, 2003  /  in News Releases  /  No Comments

Charlottesville, Virginia: Brett Womack, Principal of the Richmond office of Divaris Real Estate, Inc. announced the sale of approximately 8 acres of land located on the northwest corner  of the intersection of Route 250 and Route 29 in Charlottesville, Virginia to Best Buy Stores, L.P.  The property was formerly the Mount Vernon Motel and will become the first location in Charlottesville for Best Buy.  The company will be building a 45,000 square foot prototype store.  The land sale places Best Buy as the anchor store, with an adjacent development of up to 25,000 square feet available for sale.

Best Buy is the largest volume specialty retailer of consumer electronics, personal computers, entertainment software and appliances.  Best Buy offers an extensive selection of affordable technology and entertainment products in a no-pressure shopping environment.  Headquartered in Minnesota, the company operates over 500 stores nationwide.

Debbie Wake of DRE’s Richmond office represented the buyer, Best Buy Stores, L.P., in the negotiations.  The seller, L. Verburg Corporation, was represented by Hal Brownfield
of Brownfield Realty & Investment, Inc.

Divaris Real Estate, Inc. is headquartered in Virginia Beach, Virginia with offices in Norfolk, Chesapeake, Newport News, and Richmond, Virginia; Charlotte, North Carolina; Atlanta, Georgia; Rockville, Maryland; and Boca Raton and Tampa, Florida. It is an international real estate brokerage and property management company that currently manages and/or leases in excess of 22 million square feet of prime office, retail, and industrial space throughout the Mid-Atlantic and Southeastern states. 

Divaris Real Estate, Inc. is a member of Realty Resources, a national group of independent retail property brokers and managers covering 91 major markets throughout the United States.  DRE is also the Virginia affiliate for The CORE Network, a national group of office and industrial brokers with affiliates throughout the U.S., Canada, Mexico, Asia and  Europe.  These organizations represent corporate and institutional clients, as well as tenants and buyers in all aspects of leasing, development, and managing properties, acquisitions and land sales. Gerald S. Divaris is Chairman of the Board and Michael B. Divaris is President of Divaris Real Estate, Inc.

July 2, 2003

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