Divaris Sells 86,676-Square-Foot, former HQ Store in Birmingham, AL

Posted on March 22, 2004  /  in News Releases  /  No Comments

Birmingham, Alabama:  Sanford Cohen, Chief Operating Officer of Divaris Real Estate, Inc., announced the sale of the 86,676-square-foot, former HQ Home Improvement Store located at 1121 Center Point Parkway in Birmingham, Alabama to Lumpkin Development.

In 1999, Hechingers/HQ. A Largo, Maryland-based home improvement store chain, closed its doors, the result of a Chapter 11 reorganization.  Secured lenders needed to dispose of 17 sites located in several eastern states and hired Divaris Real Estate. The properties, both freestanding and in-line stores, comprise over 1.5 million square feet of indoor and garden center space in diverse markets, including Birmingham, Alabama: Glen Burnie, Maryland; Syracuse, New York; Greensboro and Fayetteville, North Carolina; Columbus, Ohio; Philadelphia and Pittsburgh, Pennsylvania; Greenville, South Carolina; and Burke, Fredericksburg, Newport News, and Roanoke, Virginia. Only two properties remain of the original 17 surplus dispositions in the assignment.

The sale was negotiated on behalf of the seller, Sun Life Assurance Co. of Canada and Farm Bureau Life Insurance Company by Phillip Shumny and Sanford Cohen of Divaris Real Estate.

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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