Posted on August 04, 2000  /  in News Releases  /  No Comments

Virginia Beach, Virginia: Gerald S. Divaris, Chairman/CEO of Divaris Real Estate, Inc., announced that Wal-Mart has commenced construction on a 200,000 square foot supercenter located on an extended section of Ferrell Parkway near General Booth Boulevard in Virginia Beach, Virginia.  Wal-Mart will be located adjacent to Home Depot which will be built on a 15.7 acre parcel.  Ellis Gibson is partnering with the landowner in the development of a three-phase shopping center, which will incorporate the Wal-Mart Supercenter.

John Knibb, Partner in charge of Divaris Real Estate’s Chesapeake office, has represented Wal-Mart in numerous transactions throughout Virginia.  “This is a natural progression of growth by Wal-Mart in their desire to better service their customers,” he says.

This will be Wal-Mart’s third location in Virginia Beach through Knibb’s efforts.  “Wal-Mart has become more sensitive to the desires of the  community,” he says.  “The exterior of the store will be heavily landscaped with an earth-tone and brick finish.”

Located in Chesapeake, Virginia, Divaris Real Estate’s affililiate, Land Dev., Inc., provides fee developer and consulting services to clients requiring development expertise and experience.  Land Dev., Inc.’s accomplishments include an 80-acre Power Center and a 40-acre shopping center for Wal-Mart, master planning of a $170,000,000 mixed-use waterfront entertainment complex, and master planning and zoning of a 200 acre planned development.

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 Tampa, Miami, and St. Augustine, Florida. It is an international real estate brokerage and property management company that currently manages and/or leases in excess of 26.3 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. This organization represents corporate and institutional clients, as well as tenants and buyers in all aspects of leasing, development, and managing properties, as well as in 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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