VIRGINIA BEACH, VIRGINIA: Gerald S. Divaris, chairman and CEO of Divaris Real Estate, Inc., announced the sale of the Columbus Village II shopping center, located in the southeast corner of Virginia Beach Boulevard and Constitution Drive. The twelve-acre site comprises three existing retail buildings that total 92,000 square feet, accommodating Bed Bath and Beyond, Regal Columbus Movies 12, and Schlotzsky’s.
The sale was negotiated by Gerald Divaris on behalf of both the buyer, Armada Hoffler Properties, and the seller, Capitol Industries. The property was acquired for two million shares of common stock of Armada Hoffler Properties. Divaris Real Estate and Divaris Property Management have been retained to manage and lease the property on behalf of the Armada Hoffler REIT.
The property is adjacent to the Town Center of Virginia Beach, the flagship mixed-use development of Armada Hoffler Properties and one of the 17 city blocks designated by the City of Virginia Beach as the core of its Central Business District. Acquisition of the site will enable the Town Center to expand eastward, along Virginia Beach Boulevard. The integration of this property into the Town Center of Virginia Beach will allow for additional mixed-use development in the future and will build upon the success of Town Center.
“The acquisition of this property completes the assemblage of the site bounded by Virginia Beach Boulevard, Constitution Drive, Beasley Drive and the former Norfolk Southern railway. This will enable Town Center to expand to the east, with Main Street crossing Constitution Drive to Beasley Drive, offering Town Center the opportunity to accommodate new and exciting retailers and other mixed uses,” according to Gerald Divaris.
About Armada Hoffler Properties
Armada Hoffler Properties, Inc. (NYSE: AHH) is a full service real estate company with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic and Southeastern United States. The Company has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes.
About Divaris Real Estate
Divaris Real Estate, Inc. 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 in excess of 26 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.
