Divaris Brokers Sale of Former Circuit City Parcel to Virginia Beach Development Authority

Posted on November 19, 2009  /  in News Releases  /  No Comments

Virginia Beach, Virginia:  Gerald S. Divaris, Chairman/CEO of Divaris Real Estate Inc. (DRE), announced the sale of the 38,414-square-foot former Circuit City parcel located at 110 South Independence Boulevard, to the City of Virginia Beach Development Authority for $5 million.   The property is located on a 3.17-acre parcel on one of the city’s busiest thoroughfares and is adjacent to the highly successful Town Center of Virginia Beach.   The Town Center of Virginia Beach is an upscale, mixed-use, “Main Street” urban-style development that encompasses 17 city blocks of retail, office, residential space with two hotels.

Alexander Divaris, Jason Oliver and Gerald Divaris of Divaris Real Estate’s Investment Sales Group, represented the buyer in the transaction.  The seller of the property was CC Virginia Beach, LLC.  Circuit City, a former Fortune 500 company, filed for bankruptcy in November, 2008 and closed all 600 of its U.S. stores.

“This was an excellent opportunity for the City of Virginia Beach to acquire a strategically positioned piece of land.  In the short-term, the parcel is generating revenue by being leased to East Coast Appliances.  Eventually, the site is expected to be incorporated into the Central Business District master plan,” according to Gerald Divaris.

Divaris Real Estate Inc. is headquartered in Virginia Beach, Va. with offices in Chesapeake, Newport News, downtown and suburban Norfolk and Richmond, Va.; Charlotte, N.C.; 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 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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