DIVARIS HANDLES SALE OF TWO FORMER SERVICE MERCHANDISE STORES IN RICHMOND

Posted on January 07, 2004  /  in News Releases  /  No Comments

Richmond, Virginia: Brett Womack, Principal of the Richmond office of Divaris Real Estate, Inc. announced the sale of two former Service Merchandise buildings in Richmond.  The first property is located in Circuit City Plaza at 9860 West Broad Street and was sold to Sledd Properties, LLC for $5,574,281. The building is approximately 60,000 square feet and is situated on 5.13 acres of land. Tenants in the building include Michaels and a vacant space consisting of approximately 32,000 square feet. Other tenants in Circuit City Plaza include Circuit City, DSW Shoes and Dollar Tree.

The second property is also a former Service Merchandise building located on 5.455 acres at 1300 Huguenot Road in Richmond. The building was sold to JLP-Richmond, LLC for $5,125,000. Office Depot currently occupies half of the building; DSW Shoes will open a store in the remaining space.  Debbie Wake of Divaris Real Estate’s Richmond office represented the seller in both of the transactions.

Divaris Real Estate, Inc. is headquartered in Virginia Beach, Virginia with offices in Norfolk, Chesapeake, Newport News, and Richmond, Virginia; Charlotte, North Carolina; Atlanta, Georgia; Rockville, Maryland; and Boca Raton and Tampa, Florida. It is an international real estate brokerage and property management company that currently manages and/or leases in excess of 20 million square feet of prime office, retail, and industrial space throughout the Mid-Atlantic and Southeastern states.  Divaris Real Estate, Inc. is a member of Realty Resources, a national group of independent retail property brokers and managers covering 91 major markets throughout the United States. 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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