Virginia Beach, Va. (May 12, 2022) – Divaris Real Estate, Inc. announces the sale of Woodside’s Poplar Hill Medical Center, a four-building medical office park located in Chesapeake, Virginia. Woodside is a Texas based real estate fund manager that primarily acquires small balance commercial real estate.
Woodside purchased the 40,166 square foot multi-tenant office park in December 2020, and engaged Divaris Real Estate to lease and manage the asset. Divaris’ Elizabeth Napolitano and Nicole Campbell proposed a lease-up strategy which included myriad suggested upgrades to the property, as well as rebranding the park from traditional to medical office. With 25 years of experience, Divaris’ senior property manager Beverly Betcher oversaw the major capital projects, and in under 12 months, the leasing team increased occupancy from 45% to 94%.
“During our first meeting with Divaris, we were struck by the team-based approach and attention to detail, which led us to engage them over competing national firms. From the creative lease up strategy to implementation of multiple capital improvement projects to, ultimately, a successful disposition program, the Divaris team enabled us to execute our turnaround plan for this asset well ahead of schedule,” commented Justin Prachyl, Director at Woodside.
Poplar Hill Medical Center consists of a complementary mix of medical tenants in both clinical and traditional offices, including primary care, dentistry, psychotherapy, and wellness.
Finalized on May 6, Charlottesville’s Seminole Trail Properties purchased the asset for $5.7 million, adding to its growing portfolio of Hampton Roads properties.
Representing the seller, Divaris Real Estate’s Senior Vice President, Jason Oliver CCIM and Associate Rachel Salasky brokered the sale.
“We are thrilled to have been able to assist our client, Woodside, in executing their turnaround and disposition plan for this asset well ahead of schedule,” said Oliver.
About Divaris Real Estate
Divaris Real Estate, Inc. (http://www.divaris.com) is headquartered in Virginia Beach, VA with offices in Newport News, Norfolk, Richmond and Roanoke, VA; Charlotte and Raleigh, NC; Beverly Hills, CA; and Washington, DC. 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, sells and/or leases approximately 31 million square feet of prime office, retail and industrial space from New Jersey to Florida. Gerald S. Divaris is Chairman of the Board, and Michael B. Divaris is President and Chief Operating Officer of Divaris Real Estate, Inc.
Divaris Real Estate is a member of Realty Resources, (http://www.realtyresources.org/) 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, (http://www.corenetworkcre.org/) 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, tenants and buyers in all aspects of leasing, development, management, sales and acquisitions.
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