Divaris Brokers Land Sale to Wal-Mart in Elizabeth City, North Carolina

Posted on September 30, 2005  /  in News Releases  /  No Comments

Elizabeth City, North Carolina:  Gerald S. Divaris, Chairman of Divaris Real Estate, Inc., announces the sale of 34 acres for a Wal-Mart Supercenter and an adjacent retail shopping center in Elizabeth City, North Carolina.  John M. Knibb, Senior Vice President of Divaris Real Estate, concluded the sale of 26 acres to Wal-Mart for a supercenter and an additional eight-acre sale to WRS of Aiken, South Carolina for an adjacent retail shopping center. Knibb has handled numerous Wal-Mart transactions in Virginia; this is his first Wal-Mart in North Carolina.

The 34-acre property is part of the Tanglewood Farms master-planned development at Route 17 Bypass and Halstead Boulevard Extended. Tanglewood was the subject of a 2005 annexation by Elizabeth City from Pasquotank County. The existing Wal-Mart store in Elizabeth City will be relocated to this more regionally accessible Route 17 Bypass location. The new 200,000-square-foot supercenter will serve Elizabeth City, Hertford, Edenton, Pasquotank County, Camden County and other surrounding communities.

According to Knibb, “the new roads, annexation, and Wal-Mart Supercenter will trigger significant commercial, retail, and residential development for Tanglewood.? Divaris Real Estate, Inc., and Knibb were the only brokers and agents involved in this large commercial land transaction.

Divaris Real Estate, Inc., is headquartered in Virginia Beach, Virginia with offices in Chesapeake, Newport News, and Richmond, Virginia; Charlotte, North Carolina; Atlanta, Georgia; and Rockville, Maryland. 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 United States.  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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