BURLINGTON COAT FACTORY PURCHASES 102,800-SQUARE-FOOT FORMER HECHINGER BUILDING

Posted on September 04, 2002  /  in News Releases  /  No Comments

Whitehall, Pennsylvania:  Gerald S. Divaris, Chairman/CEO of Divaris Real Estate, Inc., announced the sale by Metro Commercial of Bluebell, Pennsylvania for the 102,800-square-foot, Divaris leased and managed, former Hechinger building located at 2661 MacArthur Road in Whitehall, Pennsylvania.  The buyer, Burlington Coat Factory Warehouse Corporation, purchased the building for an undisclosed price.  Divaris Real Estate brokered the sale for the owners.

Burlington Coat Factory Warehouse Corporation is a national department store retail chain offering current, high-quality, designer merchandise at up to 60 percent less than other department store prices. Burlington Coat Factory stores feature outerwear, apparel, shoes, accessories for the entire family, baby clothes, furniture, toys, home decor items, and gifts. Over 315 stores can be found in 42 states nationwide. The company also owns and operates the following subsidiaries:  Baby Depot, Luxury Linens, Cohoes and Decelle.

Sandy Cohen, Chief Operating Officer for DRE, represented the Seller, Four Property LP, in the negotiations.

In 1999, Divaris Real Estate, Inc. was assigned the task of the disposition of 17 big-box stores formerly owned by Hechinger Co., a Largo, Maryland-based chain of home improvement stores that, after a Chapter 11 reorganization, finally closed its doors in 1999. These stores comprised over 1.5 million square feet of indoor and garden center space in a diverse assortment of markets from upstate New York to Alabama.  To date, DRE has successfully marketed the disposition of nine properties, with only eight locations remaining available for sale or lease.

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 21 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 75 major markets throughout the United States.  DRE is also the Virginia affiliate for The CORE Network, a national group of full-service commercial 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.

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