Divaris Brokers Sale of Haygood Shopping Center for $25 Million

Posted on April 16, 2007  /  in News Releases  /  No Comments

Virginia Beach, Virginia:  Michael B. Divaris, President of Divaris Real Estate Inc. (DRE), announced the sale of the 178,526-square-foot Haygood Shopping Center, located at 1021 Independence Blvd. in Virginia Beach, VA, to Steven D. Bell & Company for $24,870,000.  The property is anchored by Farm Fresh, Rite Aid and Marshalls.

Michael Divaris, Alex Divaris and Jason Oliver of Divaris Real Estate’s Investment Sales Group, represented the seller, Haygood SC, LLC, a partnership of Klaff Realty, LP and Acadia Realty Trust.

“The buyer was attracted to Haygood due to its combination of high-quality tenants, prime location and strong demographics,” according to Michael Divaris.  “Steven D. Bell & Company’s reputation in the shopping center industry, coupled with a strong desire to expand their Hampton Roads portfolio, made them the ideal candidate to acquire this asset.”

Divaris Real Estate has a history with Haygood Shopping Center.  DRE negotiated the lease for the new, 54,000-square-foot, prototype Farm Fresh grocery store in 2005, relocating the tenant from nearby Giant Square Shopping Center.  DRE’s Investment Sales Group also brokered the sale of Haygood Shopping Center to Klaff in 2000.  The new owner has appointed DRE to lease and manage the property.

Founded in 1976, Steven D. Bell & Company is a diversified real estate investment and management company headquartered in Greensboro, NC.  Bell invests capital on behalf of individual and institutional investors among three main asset classes: multifamily, senior living, and commercial properties.  The acquisition of Haygood Shopping Center marks Steven D. Bell & Company’s second major shopping center purchase in Virginia Beach in the past 12 months; the firm purchased Lynnhaven North Shopping Center in May 2007.

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.  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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