Charlotte Office of DRE Handles Sale of Tower Place Festival for $12.7 Million

Posted on March 25, 2011  /  in News Releases  /  No Comments

Charlotte, North Carolina:  Michael B. Divaris, president of Divaris Real Estate, Inc., (DRE), announced the sale of Tower Place Festival, located at 8700 Pineville Matthews Road in Charlotte, North Carolina for $12.7 million.  Robert Podewils, investment broker of the Charlotte office of DRE, represented the seller in the transaction with a New York-based group of private investors.

Tower Place Festival is a 114,876-square-foot community center located in the Pineville trade area of Charlotte.  The property is 80 percent occupied, and is anchored by Bally Total Fitness with several other national tenants including Bruegger’s Bagels, Empire Beauty Academy and Once Upon a Child.

“Tower Place Festival’s proximity to Interstates 485 and 77 and the fact that it sits on Pineville-Matthews Road in a hub of regional shopping attractions that includes Carolina Place Mall, explains why this was such a tremendous investment opportunity,” says Podewils.

Divaris Real Estate Inc. is headquartered in Virginia Beach, VA with offices in Chesapeake, downtown and suburban Norfolk, Newport News, and Richmond, VA; Charlotte, NC and Rockville, MD.  Divaris Real Estate and Divaris Property Management Corp. are divisions of The Divaris Group, an international real estate brokerage and property management company that currently manages and/or leases in excess of 30 million square feet of prime office, retail and industrial space from New Jersey to Florida.  

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.  DRE is also the Virginia affiliate for The CORE Network, a national group of office and industrial brokers with affiliates across the country. These organizations represent corporate and institutional clients, 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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