Virginia Beach, Virginia: Michael B. Divaris, president of Divaris Real Estate Inc. (DRE), announced the sale of Lynnhaven East Shopping Center and North Mall Shoppes in Virginia Beach, Va. to Jubilee Limited Partnership for $11.8 million. Anchored by Toys ‘R’ Us, Lynnhaven East Shopping Center is located at 2701 North Mall Drive. North Mall Shoppes is anchored by Schlotzsky’s and is located at 2704 North Mall Drive. DRE has been assigned the leasing at both shopping centers.
Adjacent to Lynnhaven Mall, this portfolio of 106,657 square feet, on 9.68 acres, is the second major retail purchase in Hampton Roads by Jubilee. The real estate investment division of the Ohio-based holding group bought the two shopping centers with plans to re-merchandise and expand Lynnhaven East.
Alex Divaris and Jason Oliver, of DRE’s Investment Sales Group, represented the seller, REBA Associates LP.
Divaris Real Estate Inc. is headquartered in Virginia Beach, Va. with offices in Chesapeake, Newport News, and Richmond, Va.; Charlotte, N.C.; Atlanta, Ga.; and Rockville, Md. It is an international real estate brokerage and property management company that currently manages and/or leases in excess of 24 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 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, 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.