Colonial Foods Leases 31,000 Square Feet for Virginia Beach Pizza Hut

Posted on July 13, 2001  /  in News Releases  /  No Comments

Virginia Beach, Virginia:  Gerald Divaris, Chairman/CEO of Divaris Real Estate, Inc., announced the signing of a lease with Colonial Foods, LLC, doing business as Pizza Hut, for 31,000 square feet of retail land in the Kemps River Crossing Shopping Center located at 1300 Fordham Road in Virginia Beach, Virginia.  Colonial Foods will build a new Pizza Hut which will be located in close proximity to IHOP, Arby’s and Blockbuster Video.

The first Pizza Hut restaurant opened in Wichita, Kansas in 1958.  Pizza Hut, Inc., a division of Tricon Global Restaurants, Inc., operates over 7,200 units in the U.S. and 3,000 units in 86 other countries.  It is the largest and most successful pizza restaurant in the world.

Colonial Foods, LLC owns all 63 Hampton Roads Pizza Huts. With this lease, Colonial Foods hopes to continue acquiring new locations for its innovative concept.  New facilities such as this Virginia Beach, Virginia location are designed to provide both dine-in and carry-out options.

Anne Millar, leasing agent in DRE’s Virginia Beach office, represented the Tenant in the negotiations.  The Landlord, Kemps River Corner Associates, LLP, was represented by Harvey Lindsay.  Divaris Real Estate exclusively represents Colonial Foods in finding new sites and in selling surplus stores.

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, Tampa, Fort Lauderdale, Hollywood and St. Augustine, Florida. It is an international real estate brokerage and property management company that currently manages and/or leases in excess of 28.2 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; and CORE, 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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