VIRGINIA BEACH, VA (November 20, 2019) — Divaris Real Estate, Inc. (DRE) announces the completion of eight transactions totaling 180,869 square feet of sold or leased commercial space.

Sales Transactions

Golden 221, LLC purchased a 138,800-square-foot industrial property on 15 acres of land located at 221 Progress Parkway in Franklin, Va from LB-UBS 2007-C6 Progress Parkway, LLC. The international buyer, GMAX Industries, Inc., intends to manufacture medical disposable products for healthcare providers at the property. The U.S. headquarters for GMAX Industries is in Hauppauge, New York. Jason Oliver represented the seller and David Bickford represented the buyer in the investment sale. The original, 58,000-square-foot distribution and manufacturing building was constructed in 1998 with an 80,000-square-foot addition built in 2008. The property also features a 3,800-square-foot, two-story office, 26’ clear ceilings with 50’x50’ column spacing, 12 dock doors and one grade-level door and a fully climatized warehouse.

The Catholic Diocese of Richmond, Virginia purchased four parcels of land totaling 1.36 acres located at 19-29 Water Street, Hampton, Va from Ocean Properties, LLC for $750,000. Missy Martinovich represented the buyer in the negotiations. The properties were purchased for the benefit of Saint Mary Star of the Sea Catholic School.

Phoebus United Methodist Church purchased .67 acres of land located at 104 South Willard Ave. in Hampton, Va from Ocean Products Research, Inc. for $240,000. Missy Martinovich represented both the buyer and the seller in the transaction.

Lease Renewals

Decks and Docks Lumber Company renewed its lease for 18,000 square feet of retail space in the Divaris-leased property located at 4387 Portsmouth Blvd. in Portsmouth, Va. David Bickford represented the landlord in the lease negotiations.

Dollar Tree renewed its lease for 10,752 square feet of retail space in the Divaris-leased and -managed Jackson Downs Shopping Center located at 3135 Lebanon Pike in Nashville, TN. Gerald Divaris represented the landlord in the lease negotiations. Major retailers in Jackson Downs include: Target, OfficeMax, Party City and Marshall’s.

Funny Bone Comedy Club and restaurant renewed its lease for 6,735 square feet of retail space in the Divaris-leased and -managed Town Center of Virginia Beach located at 217 Central Park Avenue. Gerald Divaris, Erica Rorrer and Sezin Cortinas represented the landlord in the lease negotiations. Other entertainment venues in Town Center of Virginia Beach include Sandler Center for the Performing Arts, Zeiders American Dream Theatre, Regal Columbus Station 12, Muse Paintbar and coming soon, Apex Entertainment.

First Command renewed its lease for 4,218 square feet of office space in the Divaris-leased and -managed One Columbus Center located at 283 Constitution Drive in the Town Center of Virginia Beach. Michael Divaris, Vivian Turok and Krista Costa represented the landlord in the lease negotiations.

ODL Services renewed its lease for 1,199 square feet and expanded its lease by 1,164 square feet to a total of 2,363 square feet of office space in the Divaris-leased and -managed One Columbus Center located at 283 Constitution Drive in the Town Center of Virginia Beach. Michael Divaris, Vivian Turok and Krista Costa represented the landlord in the lease negotiations. With this lease, ODL Services is moving from its previous location at 249 Central Park Avenue in Town Center of Virginia Beach.

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, 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 and/or leases over 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 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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