News Release

Divaris Adds Over One Million Square Feet to Portfolio with 11 Properties


VIRGINIA BEACH, VA: Gerald S. 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 1,082,681square feet 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:

TOTAL 1,082,681 94%
Patterson Place Durham, NC 160,942 99% Bed Bath & Beyond, PetSmart, Total Wine & More, A.C. Moore
South Square Durham, NC 109,590 100% Ross Dress for Less, Petco, Office Depot
Wendover Village Greensboro, NC 135,758 100% Bed Bath & Beyond, Golfsmith, T.J. Maxx, Petco, Five Below
Alexander Pointe Salisbury, NC 57,710 100% Harris Teeter
Harper Hill Commons Winston-Salem, NC 96,914 79% Harris Teeter
North Hampton Market Taylors, SC 114,935 94% PetSmart, Hobby Lobby, Dollar Tree
Waynesboro Commons Waynesboro, VA 52,415 100% Kroger
Willowbrook Commons Nashville, TN 93,600 88% Kroger
Oakland Marketplace Oakland, TN 64,600 96% Kroger
Broadmoor Plaza South Bend, IN 115,059 94% Kroger, Staples, Jo-Ann Fabrics
Kroger Junction Pasadena, TX 81,158 78% Kroger

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.

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; 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, ( 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.

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