BEST BUY STORES LEASES 30,744 SF IN CHESAPEAKE’S CROSSROADS SHOPPING CENTER

Posted on June 25, 2004  /  in News Releases  /  No Comments

Chesapeake, Virginia: Gerald S. Divaris, Chairman and CEO of Divaris Real Estate, Inc. announced the signing of a lease with Best Buy Stores, L.P. for 30,744 square feet of retail space in the Crossroads Shopping Center.  The space was formerly part of a Wal-Mart store, located across Portsmouth Boulevard from Chesapeake Square Mall in Chesapeake, Virginia.  Other tenants in Crossroads Shopping Center include: T.J. Maxx and S&K Menswear.

Best Buy is the largest volume specialty retailer of consumer electronics, personal computers, entertainment software and appliances in America.  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.    The Company plans to open an additional 73 new stores in North America during the 2005 fiscal year.  Best Buy was named company of the year by Forbes magazine in January, 2004.

Gerald S. Divaris and Mary McGovern of the Virginia Beach office of DRE represented the tenant, Best Buy Stores, L.P., in the negotiations.  The landlord was Wal-Mart Stores, 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 20 million square feet of prime office, retail, and industrial space throughout the Mid-Atlantic and Southeastern states. 
   
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 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.

June 25, 2004

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