DRE REPRESENTS WAL-MART IN THE PURCHASE OF FIVE LAND PARCELS TOTALING 55 ACRES

Posted on October 09, 2001  /  in News Releases  /  No Comments

Chesapeake, Virginia:  Gerald Divaris, Chairman and CEO of Divaris Real Estate, Inc., announced the purchase of five land parcels totaling 55.717 acres of commercial land by Wal-Mart Stores East, Inc.  The parcels are located in the Chesapeake-West Wal-Mart and Sam’s Club Development , on Taylor Road in Chesapeake, Virginia.

The sales included a 45.818-acre parcel, sold by Russell Realty Associates;  7.092 acres by Lenora Jeffers;  5.17 acres, located at 2620 Taylor Road, by Michael and Judith Boger;  .475 acres, located at 2644 Taylor Road, by Linda Lee Garner O’Brien;  0.474 acre, located at 2650 Taylor Road, by Kimberly M. Lee, John C. Thorne, Jr., Shawn T. Thorne and Tracey L. Thorne;  and 0.341 acre, located at 2640 Taylor Road, by Thomas S. Gills.

Wal-Mart Stores, Inc. is the world’s largest retailer, with $191 billion in sales in the fiscal year ending Jan. 31, 2001. The company employs more than 1 million associates worldwide through nearly 3,500 stores in the United States and more than 1,000 stores in Mexico, Puerto Rico, Canada, Argentina, Brazil, China, Korea, Germany and the United Kingdom. More than 100 million customers per week visit Wal-Mart stores.

John M. Knibb, Senior Vice President and Partner in charge of Divaris Real Estate’s Chesapeake office, represented Wal-Mart Stores East, Inc. in the negotiations.

Divaris Real Estate, Inc. is headquartered in Virginia Beach, Virginia with additional offices in Chesapeake, Newport News, and Richmond, Virginia; Charlotte, North Carolina; Atlanta, Georgia; Rockville, Maryland; and Boca Raton, Tampa, Hollywood and St. Augustine, Florida. It is an international real estate brokerage and property management company that currently manages and/or leases in excess of 28.2 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.  DRE is also the Virginia affiliate for CORE, a national group of full-service commercial 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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