DIVARIS REAL ESTATE SELLS 19.6 ACRES OF LAND FOR RETAIL ENTERTAINMENT COMPLEX

Posted on August 08, 2000  /  in News Releases  /  No Comments

Hampton, Virginia: Gerald S. Divaris, Chairman/CEO of Divaris Real Estate, Inc., announced that John Knibb, Partner in charge of Divaris Real Estate Inc’s Chesapeake office represented the seller in the sale of 19.6 acres of land, which will be developed as part of The Power Plant of Hampton Roads.

The Power Plant is a 100 acre retail/entertainment complex located at the intersection of Mercury Boulevard and West Queen Street, across from the Coliseum Mall, off Interstate 64 in Hampton, Virginia.

Knibb says the development will blend traditional retail with a high-energy entertainment component.  It will feature restaurants and live entertainment venues.  Vicki Siokis, of DRE’s Newport News office, is working with Knibb to attract retail and entertainment anchors to this exciting project.

Knibb worked closely with the City of Hampton, Virginia, JDN of Atlanta, and The Cordish Company of Maryland in completing this initial acquisition as well as in some smaller parcel assemblages that will become a part of the overall development.  A 115,000 square foot Lowe’s will be constructed on a portion of the property, fronting onto Mercury Boulevard.

Divaris Real Estate’s affiliate, Land-Dev Inc., has been retained by The Cordish Company for expert development consulting services.  Cordish is a fully integrated development company that owns commercial properties including retail, entertainment, office and hotel projects.
 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 Tampa, Miami, and St. Augustine, Florida. It is an international real estate brokerage and property management company that currently manages and/or leases in excess of 26.3 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 75  major markets throughout the United States. This organization represents corporate and institutional clients, as well as tenants and buyers in all aspects of leasing, development, and managing properties, as well as in 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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