VIRGINIA BEACH, VIRGINIA: Gerald S. Divaris, chairman and CEO of Divaris Real Estate, Inc. (DRE), announced the signing of a lease with Paper Source for 2,700 square feet of retail space in the Town Center of Virginia Beach. The next closest location for the retailer is in the Northern Virginia city of Alexandria.
This first and only Paper Source store in the Southeastern Virginia and Northeast North Carolina market will be located on Main Street on the first floor of the Armada Hoffler office tower between Zushi Japanese Bistro and the soon-to-be-open Free People store. Paper Source is anticipated to open in the first quarter of 2015.
Paper Source is a premier paperie and online retailer offering a unique selection of fine and artisanal papers, invitations and announcements, personalized and distinctive gifts, quirky greeting cards, gift wrap, custom stamps, envelopes and cards. Paper Source offers an original aesthetic, with a unique color palette, plus designs developed and created exclusively by Paper Source designers in Chicago.
“Paper Source epitomizes the quality of product and service that attracts the sophisticated shoppers who live, work and play at The Town Center of Virginia Beach,” says Gerald Divaris. “It’s a perfect complement to our growing and exciting retail tenant mix.”
This is the eighth new tenant to reveal its opening in the fifth phase at the Town Center of Virginia Beach. Recent announcements of new retailers to join the mixed-use development include Anthropologie, Free People, lululemon athletica, francesca’s, West Elm, Tupelo Honey Cafe and Twist Martini.
Sezin Cortinas, retail leasing associate in the Virginia Beach office of DRE, handled the lease negotiations on behalf of the landlord, Armada Hoffler Properties, Inc. The Town Center of Virginia Beach is leased by Divaris Real Estate, Inc., and managed by Divaris Property Management Corp.
“We are thrilled to have Paper Source join Town Center and our new tenants. Not only is Paper Source an exciting, colorful, and inviting store, but it is also a great co-tenant to Free People, lululemon, Anthropologie, francesca’s and West Elm,” according to Cortinas.
Other noted retailers in The Town Center include Brooks Brothers, LOFT, Origins, Cache’, Johnston & Murphy, Sunglass Hut, Men’s Wearhouse, bevello, Louis Jones Art Gallery, and Dick’s Sporting Goods. Recent openings include Destination Maternity and IT’SUGAR. Spanning over 17 city blocks, the highly successful, mixed-use Town Center is the core of the City’s Central Business District. The project is being developed by Armada Hoffler Properties, Inc. The Town Center provides a mix of multilevel upscale retail, Class A office, luxury residential, The Sandler Center for the Performing Arts and an array of cafes, restaurants and deluxe business hotels.
About Divaris Real Estate
Divaris Real Estate, Inc. is headquartered in Virginia Beach, VA with offices in Newport News, Norfolk, Richmond and Roanoke, VA; Charlotte, NC; and Washington, DC. 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 approximately 23 million square feet of prime office, retail and industrial space from New Jersey to Florida. Gerald S. Divaris is Chairman of the Board, and Michael B. Divaris is President of Divaris Real Estate, Inc.
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, tenants and buyers in all aspects of leasing, development, management, sales and acquisitions.
About Armada Hoffler Properties, Inc.
Armada Hoffler Properties, Inc. is a full service real estate company with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic United States. The Company has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.