June 14, 2000
DRE Sells 17.35 Acres in Virginia Beach's Central Business
District for The Town Center of Virginia Beach
VIRGINIA BEACH, VIRGINIA: Gerald S. Divaris, Chairman/CEO of Divaris Real Estate, Inc., announced the sale of approximately 17.35 acres land in Virginia Beach's Central Business District. The property was purchased by Town Center Associates, L.L.C., and is being used for the development of the Town Center of Virginia Beach.
The first transaction was for 16.35 acres of CBD zoned land. The Seller was Sage Properties, USA, Inc. The property, situated between Independence Boulevard, Virginia Beach Boulevard and Columbus Street, was sold for $7,670,000.
The second transaction was for the sale of approximately one acre, located at 4560 Columbus Loop and 123 Garrett Drive . The property, formerly owned by Ernest C. Consolvo, was purchased by the Virginia Beach Development Authority as part of the overall development agreement concluded with Town Center Associates, L.L.C. The purchase price was $954,000.
Gerald Divaris negotiated both of these transactions on behalf of Town Center Associates, L.L.C. and the Sellers.
Divaris Real Estate, Inc. is headquartered in Virginia Beach, Virginia with offices in Norfolk, Chesapeake, Newport News, and Richmond, Virginia; Charlotte, North Carolina; Atlanta, Georgia; Bethesda, Maryland; and Tampa, Miami, and St. Augustine, Florida. It is an international real estate brokerage and property management company that currently manages and/or leases in excess of 24.5 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. This organization represents corporate and institutional clients, as well as tenants and buyers in all aspects of leasing, development, and managing properties, as well as in 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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