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Virginia Beach's Haygood Shopping Center sells for $25 million to an
investment affiliate
organized by Steven D. Bell &
Company.
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Divaris Brokers $25 Million Sale of Haygood Shopping Center
VIRGINIA BEACH, VIRGINIA: Michael Divaris, Alex Divaris and Jason Oliver of Divaris
Real Estate’s Investment Sales Group,
represented the seller in the sale of Haygood Shopping Center, located at 1021 Independence Boulevard in Virginia Beach, Va, to an investment affiliate organized by
Steven D. Bell & Company for $24,870,000. The 178,526-square-foot
property is anchored by Farm Fresh, Rite Aid and Marshalls.
The seller, Haygood SC,
LLC, is 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,
president of Divaris Real Estate, Inc. “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.
The acquisition of Haygood Shopping Center marks Steven D. Bell & Company's fourth
major asset purchase in Hampton
Roads; the firm purchased Lynnhaven North Shopping Center in May 2007 and two senior living centers in Norfolk and Chesapeake, Va.
Divaris Real Estate, Inc.
One Columbus Center, Suite 700
Virginia Beach, VA 23462
TEL:
757.497.2113 FAX: 757.497.1338
info@divaris.com
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