Virginia Beach, Virginia: Gerald Divaris, chairman and CEO of Divaris Real Estate Inc. (DRE), announced the signing of six leases totaling 57,434 square feet of retail space in the Pembroke Mall located at the intersection of Independence and Virginia Beach Boulevards in Virginia Beach. The regional mall is anchored by Target (that opened October 14, 2012), Sears, Kohl’s and Stein Mart. All of the new leases will open for business in 2013.
Off Broadway Shoes has completed a lease for 20,670 square feet of retail space in Pembroke Mall. They are consolidating their two stores in Virginia Beach to this one store. One of the first “warehouse concept” stores in the country, Off Broadway Shoes began in 1989 in Nashville, Tennessee. The company’s vast selection of up to 50,000 pairs of women’s and men’s designer shoes – all on display and easy to find at warehouse prices – can be found at over 60 locations from coast to coast.
Old Navy will occupy 15,740 square feet of newly built space in the new “Signature Shops” redevelopment of the mall’s former food court area. Old Navy is relocating its store from Norfolk’s JANAF Shopping Center to Pembroke Mall. Founded in 1994, Old Navy is one of the iconic brands of Gap Inc, a leading global specialty retailer of clothing, accessories and personal care products for men, women, children and babies.
Bahama Breeze signed a lease for 8,000 square feet of restaurant space in Virginia Beach’s first regional mall, developed in 1966. This is the first Bahama Breeze concept in the Commonwealth of Virginia. With its unique combination of Caribbean-inspired food, handcrafted tropical drinks, and vibrant atmosphere, Bahama Breeze operates 24 restaurants nationally. Bahama Breeze is owned by Orlando, Florida-based Darden Restaurants (NYSE:DRI), the nation’s largest casual dining restaurant company.
The Coastal Edge has completed a lease for 5,000 square feet of retail space in Virginia Beach’s Central Business District’s only enclosed mall, Pembroke Mall. This lease represents a relocation and expansion of the retailer’s current location in the mall. In business since 1990, Coastal Edge has several locations in Southside Hampton Roads and also in the Outer Banks town of Kill Devil Hills, NC. The stores feature apparel and equipment for surfing and skate boarding.
The Children’s Place will occupy 3,204 square feet of retail space in Pembroke Mall. The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America. The Company designs, contracts to manufacture and sells fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place” brand name. As of October 27, 2012, the Company operated 1,102 stores and an online store.
Charlotte Russe will occupy 4,820 square feet of retail space adjacent to Old Navy and Coastal Edge. Since Charlotte Russe began in 1975 in Carlsbad, California, the mall‐based chain went from 35 stores in Southern California to over 500 stores across the United States and Puerto Rico. Offering access to major fashion trends at value-oriented prices, Charlotte Russe targets women in their teens and early twenties.
All of the leases were handled on behalf of the landlord by John Millar, DRE’s executive vice president and Jay Burnell and Levi Thomson, vice presidents of retail sales and leasing, in the Virginia Beach office of Divaris Real Estate, Inc. Old Navy was represented in the negotiations by Mary McGovern, senior vice president of Divaris.
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 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.