Petra Capital, LLC Purchases Sports Authority/Books-A-Million Building

Posted on January 08, 2004  /  in News Releases  /  No Comments

Greenville, South Carolina: Gerald S. Divaris, Chairman/CEO of Divaris Real Estate, Inc. announced the completion of a sale of the Divaris lease and managed Sports Authority/Books-A-Million building, formerly a Hechinger store, located at the intersection of High Point Road and Merritt Drive in Greenville,  South Carolina.  Petra Capital LLC purchased the 77,796-square foot building.

In 1999, Hechingers/HQ. A Largo, Maryland-based home improvement store chain, closed its doors, the result of a Chapter 11 reorganization. When all was said and done, the owners needed to dispose of 17 sites located in several eastern states. Sandy Cohen, principal and chief operating officer of Divaris, is heading up the assignment. “We’ve sold a majority of the properties at prices exceeding their appraised value,? he says. “With the slowing economy we have seen more and more retailers cutting back on expansion plans, sitting tight or contracting. Hechinger was one of those that contracted all the way.?

The properties, both freestanding and in-line stores, comprise over 1.5 million square feet of indoor and garden center space in diverse markets, including Birmingham, Alabama: Glen Burnie, Maryland; Syracuse, New York; Greensboro and Fayetteville, North Carolina; Columbus, Ohio; Philadelphia and Pittsburgh, Pennsylvania; Greenville, South Carolina; and Burke, Fredericksburg, Newport News, and Roanoke, Virginia.

“When we inherited the properties, they were in varying degrees of occupancy,? says Cohen. “In addition, some of them had fixtures, some had equipment and some were empty. We consolidated all of the equipment and fixtures and sold and disposed of those first.?

Cohen represented the seller, Fourteen Property LLC.  The buyer, Petra Capital LLC, was represented by M.S. Shore Company.

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; Rockville, Maryland; and Boca Raton and Tampa, Florida. It is an international real estate brokerage and property management company that currently manages and/or leases in excess of 20 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 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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