VIRGINIA BEACH, VIRGINIA: Gerald S. Divaris, Chairman/CEO of Divaris Real Estate, Inc. (DRE), announced the sale of the Lowe’s Virginia Beach West property, to a Virginia Beach-based developer, for $9 million. Eric Bucklew, Vice President of Divaris Real Estate’s Virginia Beach office, represented the seller, Lowe’s Home Center, LLC.
The 13.5-acre property, located at 717-745 Independence Blvd., in Virginia Beach, is one mile north of The Town Center of Virginia Beach and Pembroke Mall, and across from Sentara Bayside Hospital. Formerly a neighborhood grocery-anchored center, Lowe’s Home Improvement purchased the property in 2007, clearing and preparing it for future development. The new buyer plans to build another shopping center or mixed-use development.
Divaris Real Estate, Inc. is headquartered in Virginia Beach, VA with offices in Newport News, Norfolk, Richmond and Roanoke, VA; Charlotte, NC; and metropolitan 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 30 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.