Hampton, Virginia: Michael B. Divaris, President of Divaris Real Estate, Inc., announced the sale of Pinewood Plaza from Berman Kappler Properties, LLC to Asset Capital Partners, LP for over $8.5 million. The 71,066-square-foot office building is located on three acres of land at 1919 Commerce Drive in Hampton, Virginia.
Divaris Real Estate will continue to handle the leasing of Pinewood Plaza. Tenants in the building include GSH Real Estate, Boeing and Northrop Grumman.
This is Asset Capital’s second acquisition in the Hampton Roads market in 2005. The group purchased Executive Tower in Hampton in August.
Jason Oliver and Alex Divaris, of the Investment Sales Group of Divaris Real Estate, together with John Howley, of the McLean, Virginia office of Cushman & Wakefield, represented the seller, Berman Kappler, in the negotiations.
Divaris Real Estate, Inc., is headquartered in Virginia Beach, Virginia with offices in Chesapeake, Newport News, and Richmond, Virginia; Charlotte, North Carolina; Atlanta, Georgia; and Rockville, Maryland. It is an international real estate brokerage and property management company that currently manages and/or leases in excess of 24 million square feet of prime office, retail and industrial space throughout the Mid-Atlantic and Southeastern states.
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 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.