SunTrust Bank to Open in Virginia Beach’s Courthouse Marketplace

Posted on August 03, 2005  /  in News Releases  /  No Comments

Virginia Beach, Virginia: Gerald S. Divaris, Chairman/CEO of Divaris Real Estate, Inc. announced the signing of a ground lease with SunTrust Bank for a 1.1 acre outparcel at the new Harris-Teeter anchored development known as Courthouse Marketplace, now under construction in Virginia Beach.

Courthouse Marketplace is located at Nimmo Parkway and Princess Anne Road in Virginia Beach, Virginia.  The development will comprise 122,000 square feet of retail space on 22 acres, adjacent to the Virginia Beach Municipal Center.  It will be anchored by a 48,000-square-foot Harris Teeter grocery store.  The center is leased and managed by Divaris Real Estate, Inc.

SunTrust Banks, Inc., headquartered in Atlanta, Georgia, is one of the nation’s largest commercial banking organizations. The company operates an extensive distribution network primarily in the Southeast and Mid-Atlantic.  Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries, the company provides credit cards, mortgage banking, insurance, brokerage, and capital markets services.

Jay Burnell of DRE’s Virginia Beach office represented the landlord, Armada Hoffler  Development Company, in the negotiations.  CB Richard Ellis represented the tenant in the transaction.

Divaris Real Estate, Inc. is headquartered in Virginia Beach, Virginia with offices in Chesapeake, Newport News, and Richmond, Virginia; Charlotte, North Carolina; Atlanta, Georgia; Rockville, Maryland; and Boca Raton, Florida. It is an international real estate brokerage and property management company that currently manages and/or leases in excess of 22 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.


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