Divaris Brokers Sale of Independence Business Centre for $2.76 Million

Posted on December 28, 2011  /  in News Releases  /  No Comments

Virginia Beach, Virginia:  Michael B. Divaris, president of Divaris Real Estate, Inc., (DRE), announced that Independence Business Centre, located at 400 Investors Place in Virginia Beach, has sold for $2,760,000.  Divaris, exclusive management and leasing agents for the property prior to the sale, has been retained by the owner to lease Independence Business Centre.  The complex consists of six, single-story, office/warehouse buildings measuring 51,519 square feet.

Major tenants in Independence Business Centre include: Support Services of Virginia, The City of Virginia Beach, and Citizens Committee to Protect the Elderly.  The property was 74 percent leased at the sale’s closing.

Michael Divaris, Jason Oliver, CCIM and Alexander Divaris, CCIM, of DRE’s Investment Sales Group, represented the seller.  DRE’s Investment Sales Group marketed Independence Business Centre to a mix of local, regional and national investors, and were able to produce multiple offers within the first 60 days of marketing the property.

“A number of investors were attracted to this asset due to its close proximity to the Town Center of Virginia Beach and its access to Interstate 264. There is an excellent opportunity to add significant value through improvements and additional lease-up,” said Oliver.

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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