Lowe’s Home Center, Inc. Purchases Land in Pembroke Area of Virginia Beach

Posted on February 16, 2007  /  in News Releases  /  No Comments

Virginia Beach, Virginia:  Gerald S. Divaris, Chairman of Divaris Real Estate Inc. (DRE), announced the sale to Lowe’s Home Centers, Inc. of a 1.35 acre retail site assemblage located at 4616 Pembroke Boulevard in Virginia Beach, Va.

Founded in 1946, Lowe’s has grown from a small hardware store in North Carolina to the second largest home improvement retailer worldwide and the 7th largest retailer in the world. Lowe’s remains committed to offering quality home improvement products at the lowest prices, while delivering superior customer service from 1,450 stores in 49 states.

Divaris Real Estate’s Investment Sales Group, Alexander Divaris and Jason Oliver, represented the buyer, Lowe’s Home Centers, Inc., in the purchase. DRE recently also represented Lowe’s in its purchase of the adjacent Divaris leased and managed, Giant Square Shopping Center. Lowe’s plans to combine both parcels of land in order to develop a new Lowe’s Home Improvement Store.

Divaris Real Estate Inc. is headquartered in Virginia Beach, Va. with offices in Chesapeake, Newport News, and Richmond, Va.; Charlotte and Winston-Salem, N.C.; Atlanta, Ga.; 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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