Peninsula Business Center II is part of a complex Starmount purchases for $7million.

Starmount Company Purchases Peninsula Center Complex

NEWPORT NEWS, VIRGINIA: Starmount Company of Greensboro, North Carolina, purchased a 101,361-square-foot office and industrial complex located at 825 Diligence Drive and 11761 Rock Landing Drive in Newport News, Virginia for $7 million. The buildings, Peninsula Center, Peninsula Business Center I and Peninsula Business Center II, were all leased and managed by Divaris Real Estate. 

The properties are located within Oyster Point Park, one of the strongest business park locations on the Peninsula, in Hampton Roads.  With almost 2 million square feet of space, Oyster Point also has strong occupancy rates. 

"Both Peninsula Business Center I and Peninsula Business Center II are currently 100 percent leased," according to Jonathan Guion, SIOR, principal of Divaris Real Estate and head of its industrial division. Two of the buildings are single-story brick office/flex structures situated on over five acres of land.  The third building, Peninsula Center, offers 39,000 square feet of Class A office space on two levels.

Starmount Company has set a standard of excellence in the development of residential and commercial property for over 65 years.  "Starmount has developed shopping centers, office buildings, country clubs, apartment complexes and residential subdivisions," says Michael Divaris, president of Divaris Real Estate.  "Starmount is one of the most respected names in our regional real estate today." 

Founded in the late 1920s by Mr. and Mrs. Edward B. Benjamin, Starmount Company prides itself on being a family-owned business and for developing, marketing and managing the finest residential, commercial and institutional properties found anywhere. 

Guion, together with Michael Divaris and Daniel Finkle of DRE's investment sales division, represented the seller, Westbrook Partners, in the negotiations.  Westbrook took over the properties when it acquired Allstate's real estate portfolio in 1998.   Divaris was given the leasing and management of the complex when Allstate foreclosed on it in 1991.  It was due to DRE and Divaris Property Management Corp that the property was repositioned and brought from 60 percent to 100 percent occupancy.