South Hill, Virginia: Gerald S. Divaris, Chairman of Divaris Real Estate, Inc., announced the October 21, 2004 closing on the sale of 18.5-acres of land in South Hill, Virginia from a local seller, Alpod Company, to the mega-retailer Wal-Mart. Wal-Mart is expected to open a 184,000-square-foot supercenter on this newly purchased site in the summer of 2005.
Divaris Real Estate, through its senior vice president, John M. Knibb, served as Wal-Mart’s sole representative in the purchase of the parcel which is visible from State Route 58 near the I-85 interchange within the town limits of South Hill. This land will be combined with other acreage already owned by Wal-Mart to allow for the construction of the supercenter, which will offer a full line of groceries along with Wal-Mart’s general merchandise. The new supercenter, to be located along Peebles Street, will be within walking distance of the Peebles department store headquarters.
John M. Knibb, a 20-year veteran of Divaris, has worked continuously with Wal-Mart since the early 1990s in the areas of new store locations, expansions, and relocations. This is the 27th transaction of its type that Knibb has successfully undertaken for Wal-Mart in Virginia.
According to Knibb, “Each Wal-Mart deal has a unique set of challenges and opportunities! A great deal of credit for our success in South Hill goes to our civil engineering team participants from Dewberry and Davis of Danville, Virginia.? The 75,000-square-foot existing Wal-Mart general merchandise store, which is less than a block from the new site, will close when the much larger supercenter opens in the Summer of 2005.
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 20 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.