Divaris Sells Tobacco Row Shopping Center in Richmond for $6.6 Million

Posted on July 29, 2013  /  in News Releases  /  No Comments

Richmond, Virginia: Michael B. Divaris, President of Divaris Real Estate, Inc. (DRE), announced the sale the Tobacco Row Shopping Center, totaling 43,373 square feet. The sale was handled on behalf of the landlord, Forest City Enterprises, by Brett McNamee, Senior Vice President in the Richmond office of Divaris Real Estate.

The Tobacco Row Shopping Center, located at 24th and Main Streets in Richmond, VA., was sold to Wilton Companies, Inc. The buyer purchased the property at a 7.5% cap rate for $6,600,025. The shopping center was built in 2003 and consisted of a CVS and Farm Fresh. Tobacco Row is a unique reuse of a series of abandoned tobacco warehouses on the James River in downtown Richmond, VA.

Divaris Real Estate, Inc. is headquartered in Virginia Beach, VA with offices in Chesapeake, Newport News, Norfolk, Richmond and Roanoke, VA; Charlotte, NC; and 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 throughout the Mid-Atlantic and Southeast. 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.

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