|
I N V
E S T M E N T S A L E S
|
|
|
DRE's Investment Sales Division
facilitates the sale of the Radisson Hotel-Norfolk, a 12-story,
350-room property, to Aniesh Corporation from RHN Associates for $10 million.
|
Investment Sales Group at DRE Closes
Multiple Deals
VIRGINIA
BEACH, VIRGINIA -- The Investment Sales Group at Divaris Real Estate, Inc. (DRE) is a highly-specialized division of the company, offering everything from in-depth financial models to market analyses to underwriting. The group recently brokered several large deals for clients in the Hampton Roads area.
Divaris' Investment Sales Group has
facilitated the sale of the Radisson Hotel-Norfolk, a 12-story, 350-room
property in downtown Norfolk to Aniesh Corporation from RHN Hotel Associates for $10 million. The 5.5-acre property is located at 700 Monticello Avenue. Aniesh plans to retain the Radisson flag and to implement
a capitol improvement plan. Michael Divaris, Alex Divaris and Jason
Oliver represented the seller in the transaction.
Divaris Real Estate handled the sale
of the Giant Square Shopping Center to Lowe’s
Home Centers Inc. The 12-acre property, located on Independence Boulevard
near Virginia Beach's central business district at Pembroke, sold for $13.5
million.
“The price per acre for this
land sale was a relatively high for a property of this size,” says Alex
Divaris, the investment sales associate with DRE that brokered the sale with
Gerald Divaris, chairman and CEO of DRE, and Jason Oliver, investment sales
associate. “The seller was able to achieve this by selling to a
retailer that had a specific use already planned for the site.”
Lowe’s Home Improvement is
planning to develop a new store on the property. “The property is
ideally positioned within the dense and established Haygood
retail submarket,” says Divaris. “It is a great location for
Lowe’s, as the high barriers to entry will make it difficult for the
competition to find a comparable site.” DRE is handling the leasing and
management of the site, until the new Lowe’s store is completed.
DRE also brokered a single-tenant,
triple net retail sale in Virginia Beach. Wynnewood Associates
purchased the 7,018-square-foot Merchant’s Tire and Auto Center,
located near the corner of Independence Boulevard and Haygood
Road, for $2.1 million. “The property traded at an impressive number
for the Hampton Roads market: $300 per square foot and a sub 7.5 percent cap
rate,” says Oliver.
Oliver and Vivian Turok,
senior vice president with DRE, also handled the sale of 1.8 acres in Virginia
Beach’s Courthouse submarket. The
property, located at the corner of West Neck and North Landing Roads, was
sold to the Navy Federal Credit Union for $1.6 million. “The property
is well-positioned within Virginia Beach’s transition
area, a growing corridor that has seen an influx of new, upscale homes over
the last few years,” says Oliver.
Divaris
Real Estate, Inc.
One
Columbus Center, Suite 700
Virginia
Beach, VA 23462
TEL:
757.497.2113 FAX: 757.497.1338
info@divaris.com
|
