KING OF PRUSSIA, PENNSYLVANIA: Rochester, New York-based Wegman’s Food Markets, Inc., has broken ground on a 140,000-square-foot grocery supermarket in The Village at Valley Forge in King of Prussia, PA. A lease has also been signed for Next Door Bar & Grill, a restaurant concept owned by Wegman’s Food Markets for 10,000 square feet on an adjacent parcel in the mixed-use development.
The Village at Valley Forge is a major mixed-use project that will include retail, residential, office, hospitality, entertainment, parking and cultural and civic elements on a key, 125-acre site surrounded by an excellent road network and on an established center of commerce that includes the highly successful King of Prussia Mall and 16 million square feet of office space.
Wegmans Food Markets, Inc. is a 78-store supermarket chain with stores in New York, Pennsylvania, New Jersey, Virginia, and Maryland. The family-owned company, founded in 1916, is recognized as an industry leader and innovator. Wegmans has been named one of the ‘100 Best Companies to Work For’ by FORTUNE magazine for 14 consecutive years. In 2011, Wegmans ranked #3 on the list. At the end of 2009, Wegmans closed its Tastings restaurant and opened Next Door Bar & Grill across the street in the Rochester suburb of Pittsfield, NY. The restaurant is described as ‘a fun place with great food.’
The leases were secured on behalf of the landlord, Realen Valley Forge Greenes Associates, a Pennsylvania general partnership, by Gerald Divaris and Erica Meekins of the Virginia Beach office of Divaris Real Estate, Inc. (DRE). The Village at Valley Forge is leased by DRE.
Divaris Real Estate Inc. is headquartered in Virginia Beach, VA with offices in Chesapeake, downtown and suburban Norfolk, Newport News, and Richmond, VA; Charlotte, NC and Rockville, MD. Divaris Real Estate and Divaris Property Management Corp. are divisions of The Divaris Group, an international real estate brokerage and property management company that currently manages and/or leases in excess of 30 million square feet of prime office, retail and industrial space from New Jersey to Florida.
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 U.S. DRE is also the Virginia affiliate for The CORE Network, a national group of office and industrial brokers with affiliates across the country. These organizations represent corporate and institutional clients, 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.