Divaris Brokers Sale of Windwood Centre for $8.45 Million

Posted on May 18, 2011  /  in News Releases  /  No Comments

Virginia Beach, Virginia:  Michael B. Divaris, president of Divaris Real Estate, Inc., (DRE), announced that Windwood Centre, a four-story, 77,622-square-foot, Class A office building located at 780 Lynnhaven Parkway in Virginia Beach, has sold for $8,450,000, or approximately $109 per-square-foot.

Jason Oliver, CCIM and Alexander Divaris, CCIM, of DRE’s Investment Sales Group, represented the seller, Centralia Associates, LLC – a Berman Kappler Properties partnership.  The buyer, Virginia Beach-based Continental Capital Management, LLC, was represented in-house.  Berman Kappler Properties is headquartered in McLean, Virginia.

Divaris has leased and managed the property since it was acquired by Berman Kappler in 2003, stabilizing its occupancy and overseeing extensive renovations.

“This asset was attractive to a number of investors due to its strong tenancy, quality construction and prime location directly across from Lynnhaven Mall,” 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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