Divaris Sells Oceana Place Office Building in Virginia Beach

Posted on June 17, 2004  /  in News Releases  /  No Comments

Virginia Beach, Virginia:  Michael B. Divaris, President of Divaris Real Estate, Inc. announced the sale of Oceana Place, a three-story Class A office building located at 448 Viking Drive in the Lynnhaven submarket of Virginia Beach for $6,750,000, or approximately $90 per-square-foot. 

The buyer is HRPT Properties Trust, a Maryland real estate investment trust.  The seller, PHL-OPCO, L.P. (an entity of BetaWest, Ltd.), was represented by Michael Divaris, Alex Divaris and Jason Oliver of Divaris Real Estate’s Investment Sales Group.

Since its inception in 1983, BetaWest has developed 10 million square feet nationwide and managed real estate assets in excess of $2 billion.  The firm has acquired and sold more than $3 billion of office, retail, warehouse and special-use properties, as well as land parcels.  BetaWest has also negotiated and closed in excess of $2.7 billion of construction, operating property and working capital loans, $350 million of Euronotes and $530 million of interest rate swap agreements.  In addition, BetaWest has leased in excess of 15 million square feet of commercial and industrial space, and overseen in excess of 5 million square feet of tenant build-outs and capital improvements representing over $300 million.

HRPT Properties Trust owns office buildings and leased industrial land with approximately 36 million square feet costing $3.9 billion.  HRPT’s portfolio includes properties in 29 states and the District of Columbia.  With the acquisition of Oceana Place, HRPT now owns four office buildings in the Hampton Roads area;  HRPT purchased the three-building Park Central office park in Norfolk from JP Morgan in 2002 for approximately $24 million.

“Oceana Place’s combination of strong, stable tenancy, excellent location and quality construction attracted a number of potential buyers,? said Jason Oliver, Associate in DRE’s Investment Sales Group.  “This property is a nice complement to HRPT’s other assets in the Hampton Roads market.?

The 75,369 square-foot Oceana Place is located on 7.46 acres.  The building’s occupancy is approximately 90 percent with tenants that include Hayes Seay Mattern & Mattern (HSMM); L.M. Sandler & Sons; and Dukes Stein and Company.

“When Phoenix appointed us to lease the building,? says Michael Divaris, “it was 50 to 60 percent vacant.  We were instrumental in securing several large tenants.?  Over a decade later, most of those large tenants are still in place.  The architectural and engineering firm HSMM, which opened its offices in Oceana Place in 1992, recently expanded and now occupies 14,488 square feet.   L.M. Sandler & Sons, a national real estate investment and development firm, has been a tenant since 1992 as well.   The company now occupies over 12,000 square feet.   Dukes Stein & Company, an investment and estate-planning firm, currently occupies 9,929 square feet.

HRPT is retaining Vivian Turok and Keith Pezzella of DRE’s Virginia Beach office as the exclusive leasing agents for Oceana Place.

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 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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