VIRGINIA BEACH, VA: Gerald S. Divaris, chairman and CEO of Divaris Real Estate, Inc. (DRE), announced the sale of six properties totaling 37,306 square feet of commercial property and 4.91 acres of land in Maryland, Virginia and North Carolina for a combined purchase price of $3,672,359.
Rainbow Construction Corporation purchased two properties located at 41615 Park Avenue and 22670 Washington Street in historic downtown Leonardtown, Md., for $1,155,600. The vacant former office and retail bank branch site are 11,800 square feet and 8,342 square feet respectively, in two interconnected buildings on two parcels totaling 1.16 acres. The residential developer purchased both buildings and plans to redevelop them into mixed-used multifamily and retail space. The sale was handled on behalf of the seller, PNC Realty Services, by Joseph Farina and Amit Grover of the Washington DC office of DRE.
Cirrus Equity Corporation purchased a vacant freestanding bank site located at 211-213 South Talbot Street in St. Michaels, Md., for $672,500. The fully built-out bank and office site spanned two interconnected buildings on one .34-acre parcel in historic downtown St. Michaels. The property features 20 coveted parking spaces – a big commodity in a market where many retailers have to make do without parking. The local investor purchased the property with plans to gut it and then market it for lease to national or well-qualified non-financial institutional tenants. The deal was brokered on behalf of the seller, PNC Bank, National Association by Farina and Grover.
111 Holdings, LLC purchased a property totaling 3,316 square feet at 109 and 111 East Main Street in Westminster, Md., for $425,000. The former freestanding bank was fully built out with a drive-thru and 20 parking spaces in historic downtown Westminster. Situated on .33 acres of land, there was also an additional .3 acres of land located on a contiguous parcel that was part of the deal. The investor purchased it with plans to market it for lease to national or well-qualified regional tenants – not a bank. Farina and Grover brokered the deal on behalf of the seller, PNC Bank, National Association.
Bad Building, LLC purchased a 6,548-square-foot property located at 2311 West Main Street in Richmond, Va., for $769,259. Kelly Gorsuch, the owner of two Barber of Hell’s Bottom barbershops and the Immortal Beloved salon in Washington, DC is planning to open a new state-of-the-art hair salon and barbershop in the Fan. The property was recently Nesbit Salon and Spa. Read Goode and Cheryle Toy brokered the deal on behalf of the seller of the property, Wood Michael, LLC.
The City of Raleigh purchased 2.78 acres of vacant land located at 13324 Leesville Church Road in Raleigh, N.C., for $650,000. The City will use the land to build an elevated water tank to alleviate water pressure issues in this part of Raleigh. Diana Teitsma of the Charlotte, NC, office of Divaris, brokered the deal on behalf of the seller, Northwest Associates, a General Partnership.
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, (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.