hhgregg Leases Former Linens’N Things Space for First Store in Hampton Roads

Posted on December 02, 2009  /  in News Releases  /  No Comments

Virginia Beach, Virginia:  Gerald S. Divaris, Chairman of Divaris Real Estate Inc. (DRE), announced that a lease was signed with hhgregg for 37,500 square feet of retail space at Princess Anne Plaza West, a Harris Teeter- and Sam’s Club-anchored shopping center located at 3421 Virginia Beach Boulevard in Virginia Beach, Va.  The Divaris-leased shopping center also has PetsMart and Pier 1Imports as junior anchor tenants.

The space that hhgregg will occupy was formerly the site of a Linens ‘N Things store.  In May, 2008, Linens N Things filed for Chapter 11 bankruptcy protection and shuttered 120 of its U.S. stores.

hhgregg (NYSE: HGG) is a specialty retailer of consumer electronics, home appliances, mattresses and related services operating under the names hhgregg(R) and Fine Lines(R). hhgregg currently operates 128 stores in Alabama, Florida, Georgia, Indiana, Kentucky, Mississippi, North Carolina, Ohio, South Carolina, Tennessee and Virginia. For more information visit www.hhgregg.com.

Jay Burnell and Levi Thomson, both sales and leasing agents in the retail division of the Virginia Beach office of Divaris Real Estate, negotiated the lease on behalf of the landlord, Princess Ann Properties, Inc.

Divaris Real Estate Inc. is headquartered in Virginia Beach, Va. with offices in downtown and suburban Norfolk, Chesapeake, Newport News, and Richmond, Va.; Charlotte, N.C.; and Rockville, Md.  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 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.


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