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April 16, 2007
Divaris
Brokers Sale
of Haygood
Shopping Center
for $25 Million
VIRGINIA BEACH, VIRGINIA: Michael B. Divaris,
President of Divaris Real Estate Inc. (DRE), announced the sale of the
178,526-square-foot Haygood Shopping Center, located at 1021 Independence Blvd. in Virginia Beach, VA, to Steven D. Bell &
Company for $24,870,000. The
property is anchored by Farm Fresh, Rite Aid and Marshalls.
Michael Divaris, Alex Divaris and
Jason Oliver of Divaris Real Estate’s Investment Sales Group, represented
the seller, Haygood SC, LLC, a partnership of Klaff Realty, LP and Acadia Realty Trust.
"The buyer was attracted to Haygood due to its combination of high-quality
tenants, prime location and strong demographics," according to
Michael Divaris. “Steven D. Bell
& Company’s reputation in the shopping center industry, coupled with
a strong desire to expand their Hampton Roads portfolio, made them the
ideal candidate to acquire this asset.”
Divaris Real Estate has a history
with Haygood Shopping Center. DRE negotiated the lease for
the new, 54,000-square-foot, prototype Farm Fresh grocery store in 2005,
relocating the tenant from nearby Giant Square Shopping Center. DRE’s
Investment Sales Group also brokered the sale of Haygood Shopping Center to Klaff
in 2000. The new owner has
appointed DRE to lease and manage the property.
Founded in 1976, Steven D. Bell &
Company is a diversified real estate investment and management company
headquartered in Greensboro, NC. Bell invests capital on behalf
of individual and institutional investors among three main asset classes:
multifamily, senior living, and commercial properties. The acquisition of Haygood Shopping Center marks Steven D. Bell &
Company's second major shopping center purchase in Virginia Beach in the past 12 months; the
firm purchased Lynnhaven North Shopping Center in May 2007.
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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