Virginia Beach, Virginia: Gerald S. Divaris, chairman/CEO of Divaris Real Estate Inc. (DRE), announced the sale of Giant Square Shopping Center, located on 12.15 acres at 717 Independence Boulevard in Virginia Beach, Va., to Lowe’s Home Centers Inc. for an undisclosed amount.
Plans for the existing property include a new Lowe’s Home Improvement Store. The center will be leased by DRE and managed by Divaris Property Management Corp.
With fiscal year 2006 sales of $46.9 billion, Lowe’s Companies Inc. is a FORTUNE® 50 company that serves approximately 13 million customers a week at more than 1,450 home improvement stores in 49 states. Founded in 1946 and based in Mooresville, N.C., Lowe’s is the second-largest home improvement retailer in the world.
Gerald Divaris, Alex Divaris and Jason Oliver, of DRE’s Virginia Beach office, represented the buyer, Lowe’s Home Centers Inc., in the negotiations with the seller, Giant Square Shopping Center Corp.
Divaris Real Estate Inc. is headquartered in Virginia Beach, Va. with offices in Chesapeake, Newport News, and Richmond, Va.; Charlotte, N.C.; Winston-Salem, N.C.; Atlanta, Ga.; 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 25 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 U.S. 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.