November 4, 2005                                       

DIVARIS BROKERS SALE OF 37 ACRES FOR 
210,000 S.F. WAL-MART SUPERCENTER IN NORFOLK

NORFOLK, VIRGINIA:  Gerald S. Divaris, Chairman of Divaris Real Estate, Inc., announced the sale to Wal-Mart of a 37.9-acre retail site assemblage at Tidewater Drive and Little Creek Road in Norfolk, Virginia. Construction will begin immediately on a new Wal-Mart Supercenter. The assemblage of properties valued at over $12 million closed on October 11, 2005.
 
Five years in the making, the site assemblage at Tidewater Drive and Little Creek Road includes the former MAACO building, the City of Norfolk Multi-Service Center building, outparcel buildings occupied by Blockbuster and others, and the remnants of a 1950’s vintage shopping center occupied by Kmart.

The new 210,000-square-foot supercenter will be located adjacent to the existing Kmart and will provide a wide range of goods and services including groceries, pharmaceuticals, soft goods and an enclosed garden center.

Encouraged by the City of Norfolk, Wal-Mart agreed to architecturally upgrade its store design for this site.  Southern Shopping Center, across the street from the new Wal-Mart supercenter was recently renovated, initiating a renaissance of this former “Main and Main” location.  On the theory that “a rising tide lifts all boats,” this development is expected to spur additional investments in business and retail in the area.

John M. Knibb, Senior Vice President of Divaris Real Estate, served as Wal-Mart’s agent in the transactions.  Knibb, a 22-year veteran of Divaris, has handled over 25 new sites, expansions and relocations for Wal-Mart in Virginia over the past 15 years.   Recently, he handled one for a new Wal-Mart Supercenter in Elizabeth City, North Carolina.  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.

According to Knibb, support received by Wal-Mart from the City Council to the City Manager and the Development staff was nothing less than fantastic.  “Development Director Rod Woolard and Deputy Director Chuck Rigney are the guys who really deserve the credit for this development.  Their vision and hard work were the essential ingredients needed to make this deal happen.”

Divaris Real Estate, Inc., is headquartered in Virginia Beach, Virginia with offices in Chesapeake, Newport News, and Richmond, Virginia; Charlotte, North Carolina; Atlanta, Georgia; and Rockville, Maryland. It is an international real estate brokerage and property management company that currently manages and/or leases in excess of 24 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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DIVARIS REAL ESTATE, INC.
One Columbus Center, Suite 700
Virginia Beach, Virginia  23462
TEL:  757-497-2113 
FAX: 757-497-1338
email:  info@divaris.com