October 4, 2007
Wal-Mart Purchases Land
for Future Super Center in Chesapeake, VA.
CHESAPEAKE, VIRGINIA: Gerald S. Divaris, chairman/CEO of Divaris
Real Estate Inc. (DRE), announced the purchase of 23.98 acres of land
by Wal-Mart Stores Inc. for a future Wal-Mart SuperCenter. The property
is located in the Edinburgh Commons Shopping Center in Chesapeake,
Virginia on the southwest quadrant at the intersection of Rt.168 Bypass
and Hillcrest Parkway. The Wal-Mart SuperCenter will join Target and
Home Depot in the Edinburgh Commons Shopping Center.
Wal-Mart originated in Rogers,
Arkansas in 1962 and has now grown into a multi-billion dollar
corporation with stores located all over the world. Wal-Mart is the
largest private employer in the world and is the largest grocery
retailer and also the largest toy seller in the United States.
Wal-Mart is comprised of three retail subsidiaries and does business
under nine different retail formats.
John M. Knibb, Senior Vice
President of Divaris Real Estate, represented Wal-Mart Stores Inc. in
the purchase of the land from Mag II Edinburgh Commons, LLC. Knibb, a
24-year veteran of Divaris, has handled over 25 new sites, expansions
and relocations for Wal-Mart in Virginia over the past 17 years.
Knibb’s Wal-Mart work now accounts for over 550 acres of Wal-Mart
acquisitions, resulting in over 4 million square-feet of new retail
space and the creation of over 9,000 retail jobs in Virginia and North
Carolina.
Divaris Real Estate Inc. and
Divaris Property Management Corp. comprise one of the largest
commercial and industrial property management, leasing and
brokerage groups on the U.S. eastern seaboard, servicing client
needs in the Mid-Atlantic and Southeastern states. Founded in
1974, the Divaris Group maintains offices in Virginia Beach,
Chesapeake, Newport News, and Richmond, Va.; Charlotte and
Winston-Salem, N.C.; Atlanta, Ga.; and Rockville, Md.
It currently manages and/or leases in excess of 24 million square
feet of prime office, retail and industrial space.
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 United
States. 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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