Divaris Brokers Land Sale to Navy Federal Credit Union in Virginia Beach

Posted on June 07, 2007  /  in News Releases  /  No Comments

Virginia Beach, Virginia:  Michael B. Divaris, president of Divaris Real Estate Inc. (DRE), announced the sale of 1.8 acres, situated at the corner of West Neck and North Landing Roads in Virginia Beach, Va., to Navy Federal Credit Union for approximately $1.6 million.

Adjacent to the Virginia Beach Municipal Center, the land parcel is located approximately three miles from the Verizon Virginia Beach Amphitheater, the Virginia Beach Sportsplex, the new Princess Anne Sentara Health Campus, the Virginia Beach Higher Education Center, and Landstown Commons, a 490,000-square-foot, mixed-use development currently under construction.

Navy Federal is the largest credit union in the world with $29 billion in assets and 2.8 million members. It has 116 branch offices and 316 proprietary ATMs located worldwide.
Senior Vice President Vivian Turok and Jason Oliver, of DRE’s Virginia Beach office, represented the seller, RDS Properties LLC, in the negotiations with the buyer, Navy Federal Credit Union.  Ned Brooks, of CB Richard Ellis, represented Navy Federal Credit Union.

Divaris Real Estate Inc. is headquartered in Virginia Beach, Va. with offices in Chesapeake, Newport News, and Richmond, Va.; Charlotte and Winston-Salem, N.C.; Atlanta, Ga.; and Rockville, Md.  It is an international real estate brokerage and property management company that currently manages and/or leases in excess of 24 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.


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