Norfolk, Virginia: Gerald S. Divaris, Chairman and CEO of Divaris Real Estate, Inc., announced the sale of 7.87 acres of commercial-zoned land, located at Military Highway and Lowery Road in Norfolk, Virginia to Wal-Mart Real Estate Business Trust in the Janaf Shopping Center. The Janaf Shopping Center houses T.J. Maxx, Marshall’s, Circuit City, Sports Zone and other various stores.
JANAF is the largest strip retail center —over a mile long — between the Washington D.C. metro area and Atlanta. The existing Wal-mart store of 114,560-square-foot will be converted into a 210,475-square-foot supercenter. With the expansion, Wal-Mart will be the end-cap anchor at JANAF Shopping Center.
John Knibb of DRE’s Chesapeake office, represented the buyer, Wal-Mart Real Estate Business Trust, in the negotiations. The seller was represented by McKinley Associates, Inc.
Divaris Real Estate, Inc. is headquartered in Virginia Beach, Virginia with offices in Norfolk, Chesapeake, Newport News, and Richmond, Virginia; Charlotte, North Carolina; Atlanta, Georgia; Rockville, Maryland; and Boca Raton and Tampa, Florida. It is an international real estate brokerage and property management company that currently manages and/or leases in excess of 21 million square feet of prime office, retail, and industrial space throughout the Mid-Atlantic and Southeastern states. Divaris Real Estate, Inc. is a member of Realty Resources, a national group of independent retail property brokers and managers covering 75 major markets throughout the United States. DRE is also the Virginia affiliate for The CORE Network, a national group of full-service commercial 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.