Chesapeake, Virginia: Gerald S. Divaris, chairman/CEO of Divaris Real Estate Inc. (DRE), announced the purchase of 23.98 acres of land by Wal-Mart Stores Inc. for a future Wal-Mart SuperCenter. The property is located in the Edinburgh Commons Shopping Center in Chesapeake, Virginia on the southwest quadrant at the intersection of Rt.168 Bypass and Hillcrest Parkway. The Wal-Mart SuperCenter will join Target and Home Depot in the Edinburgh Commons Shopping Center.
Wal-Mart originated in Rogers, Arkansas in 1962 and has now grown into a multi-billion dollar corporation with stores located all over the world. Wal-Mart is the largest private employer in the world and is the largest grocery retailer and also the largest toy seller in the United States. Wal-Mart is comprised of three retail subsidiaries and does business under nine different retail formats.
John M. Knibb, Senior Vice President of Divaris Real Estate, represented Wal-Mart Stores Inc. in the purchase of the land from Mag II Edinburgh Commons, LLC. Knibb, a 24-year veteran of Divaris, has handled over 25 new sites, expansions and relocations for Wal-Mart in Virginia over the past 17 years. Knibb’s Wal-Mart work now accounts for over 550 acres of Wal-Mart acquisitions, resulting in over 4 million square-feet of new retail space and the creation of over 9,000 retail jobs in Virginia and North Carolina.
Divaris Real Estate Inc. and Divaris Property Management Corp. comprise one of the largest commercial and industrial property management, leasing and brokerage groups on the U.S. eastern seaboard, servicing client needs in the Mid-Atlantic and Southeastern states. Founded in 1974, the Divaris Group maintains offices in Virginia Beach, Chesapeake, Newport News, and Richmond, Va.; Charlotte and Winston-Salem, N.C.; Atlanta, Ga.; and Rockville, Md. It currently manages and/or leases in excess of 24 million square feet of prime office, retail and industrial space.
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.