VIRGINIA BEACH, VA – Michael B. Divaris, President of Divaris Real Estate, Inc., announced that Armada Hoffler Properties has sold the Virginia Natural Gas Building to an undisclosed purchaser for $8.9 million ($287 per square foot).
The 31,000 square foot office building is fully occupied by Virginia Natural Gas, Inc. The property, which was constructed by Armada Hoffler as a build-to-suit for Virginia Natural Gas in 2010 for their headquarters operations, was under a long term lease to the firm at the time of sale. The building is located at 544 South Independence Boulevard, within Lakeview Corporate Park in Virginia Beach.
Alex Divaris, CCIM, Vice President, and Jason Oliver, CCIM, Senior Associate, of Divaris Real Estate’s Investment Sales Group, together with Michael Divaris, represented the Seller, Armada Hoffler Properties. The sale reflects a capitalization rate of 6.25% on in-place income.
Armada Hoffler Properties (NYSE: AHH) is a full service real estate investment trust with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic states. For more information, please visit http://armadahoffler.com.
Virginia Natural Gas serves more than 275,000 residential, commercial and industrial customers in southeastern Virginia. Virginia Natural Gas is one of the fastest growing natural gas distribution companies in the country. Its parent company, AGL Resources, is one of the nation’s preeminent distributors of natural gas.
Divaris Real Estate, Inc. is headquartered in Virginia Beach, VA with offices in Newport News, Norfolk, Richmond and Roanoke, VA; Charlotte, NC; and Washington, DC. 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 23 million square feet of prime office, retail and industrial space from New Jersey to Florida. Gerald S. Divaris is Chairman of the Board, and Michael B. Divaris is President of Divaris Real Estate, Inc.
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, tenants and buyers in all aspects of leasing, development, management, sales and acquisitions.