Divaris adds over one million s/f to portfolio with 11 properties
VIRGINIA BEACH, VA — Gerald Divaris, chairman and CEO of Divaris Real Estate, Inc. (DRE), announced the addition of 11 shopping centers to its leasing and management portfolio. The total space exceeds 1,082,681 s/f of retail space in centers that were recently acquired by Virginia Beach-based Armada Hoffler Properties. The portfolio is located throughout the Mid-Atlantic and South-Central United States. It is currently 94 percent occupied: “This is a significant addition to our portfolio increasing our total leased and managed properties from 25 to over 26 million s/f of leased and/or managed assets,” said Gerald Divaris. “Divaris Real Estate is experiencing a period of rapid growth and expansion that is very positive and exciting at the moment.” The core of the portfolio consists of six retail centers well positioned along the I-85 corridor between Raleigh-Durham, North Carolina and Greenville, South Carolina. These core assets feature major anchor tenants including Harris Teeter, PetSmart, T.J. Maxx, Bed Bath & Beyond, Ross Dress for Less, Hobby Lobby and Petco. These properties will be managed and leased out of Divaris’ Charlotte office. The remaining five properties in the portfolio are each Kroger-anchored retail centers located in Virginia, Tennessee, Indiana and Texas. Management and leasing will be coordinated from Divaris’ Richmond and Virginia Beach offices with the use of affiliates in Tennessee, Indiana and Texas. DRE completed four lease transactions totaling 15,828 s/f of commercial space. Floor Factory Outlet leased 10,687 s/f of retail space in the Divaris-leased and –managed St. John’s Plaza Shopping Center located at 3239 Garden St. in Titusville, FL. Floor Factory Outlet offers carpet, laminate, hardwood, vinyl, tile and stone flooring from its superstores in Saint Augustine, Leesburg, Ocala and Titusville, Fl. Other major tenants in St. John’s Plaza include: Publix, Dollar Tree, Hair Cuttery, Sally Beauty, GNC, AT&T, and Quest Diagnostics. The landlord, American General Life Insurance, was represented by Gerald Divaris. Coast Dental Services renewed its lease for 1,680 s/f of office space in St. John’s Plaza in Titusville. The dentist office provides preventive, restorative, and cosmetic dentistry services. Divaris handled the lease on behalf of the landlord for this transaction as well. Dermalogica leased 1,861 s/f of office space in the Tractorworks Building located at 800 Avenue North in Minneapolis, MN. Michael Divaris, Vivian Turok and Krista Costa of Divaris Real Estate represented the tenant in the negotiations with the landlord, Tractorworks, LLC. Divaris has been the real estate representative of Dermalogica for over 15 years for its real estate requirements in the U.S. and Canada.