Divaris Brokers Sale of Hungarybrook Shopping Center for $5.7 Million

Posted on December 01, 2012  /  in News Releases  /  No Comments

Richmond, Virginia:  Michael B. Divaris, President of Divaris Real Estate, Inc. announced that 1200-1300 Concord Avenue Holdings, LLC, has sold Hungarybrook Shopping Center for $5.7 million.

Coastal Equities, a privately held investment, development and property management company with offices in Weston, Florida and Garden City, New York, acquired the 87,190-square-foot neighborhood shopping center. Hungarybrook is located at 1200 Concord Avenue in Richmond, Virginia. Anchor tenants in the shopping center include Food Lion and Dollar Tree.

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, represented special servicer CWCapital Asset Management LLC, in the transaction. DRE has been retained as exclusive leasing agent for the center.

This was the Investment Sales Group’s second sale of a Food Lion-anchored shopping center in Richmond in 2012.  Earlier in the year, DRE represented Mighty Oak, a subsidiary of GE Capital, in the sale of Brookhill Azalea Shopping Center to an investment partnership controlled by the principals of Broad Street and The Premier Companies, for $8.95 million.

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 retail, office 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 for leasing, development and managing properties, acquisition 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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