Posted on April 02, 2010  /  in News Releases  /  No Comments

Richmond, Virginia: Michael B. Divaris, President of Divaris Real Estate, Inc. announced that Mighty Oak, a subsidiary of GE Capital has sold Brookhill Azalea Shopping Center for $8.95 million.  BSV Premier Brookhill, LLC., an investment partnership controlled by the principals of Broad Street and The Premier Companies acquired the 162,000-square-foot neighborhood retail center located at 5214 Chamberlayne Road in Richmond, Virginia.

The Seller was represented by Divaris Real Estate’s Alexander Divaris, CCIM, Vice President, and Jason Oliver, CCIM, Senior Associate, both in the Investment Sales Group and John Wingfield, Principal of the Richmond office of DRE. DRE has been retained as exclusive leasing agent of Brookhill Azalea Shopping Center.

“DRE’s Investment Sales Group marketed this asset to a broad range of local and national investors. Upon identifying the Buyer, we worked closely with them to overcome several potential hurdles and proceed to a successful close,” said Alexander Divaris.

At the time of the acquisition, Brookhill Azalea was 70 percent leased to 18 tenants including anchor tenants, Food Lion, CitiTrends and Family Dollar.  Financing for the sale was provided by Virginia Heritage Bank.

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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