VIRGINIA BEACH, VA – Michael B. Divaris, President of Divaris Real Estate, Inc., announced that Armada Hoffler Properties has sold the Sentara New Town Medical Office Building to an undisclosed purchaser for $15.45 million ($314 per square foot).
The 49,200 square foot office building is fully occupied by Sentara Medical Group. The property, which was constructed by Armada Hoffler as a build-to-suit for Sentara in 2008, was under a long term lease to the group at the time of sale. The building is located at 4374 New Town Avenue, within the New Town mixed-use complex in Williamsburg.
Alex Divaris, CCIM, Vice President, and Jason Oliver, CCIM, Senior Associate, of Divaris Real Estate’s Investment Sales Group, together with Michael Divaris, represented the Seller, Armada Hoffler Properties. The sale reflects a capitalization rate of 6.31% on in-place income.
Armada Hoffler Properties (NYSE: AHH) is a full service real estate investment trust with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic states. For more information, please visit www.armadahoffler.com.
Sentara Medical Group is a division of Sentara Healthcare, a not-for-profi t healthcare system with a 3,800 provider medical staff, and over 100 sites of care in Virginia and North Carolina. This facility provides urgent care services, as well as family medicine, pediatrics and internal medicine.
Divaris Real Estate, Inc. is headquartered in Virginia Beach, VA with offices in Newport News, Norfolk, Richmond and Roanoke, VA; Charlotte, NC; 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 23 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, 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 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.
