Divaris Expands Retail Leasing Portfolio in VA

The management company added five shopping centers totaling more than 300,000 square feet to its collection of properties in Hampton Roads.
East Beach Marketplace
East Beach Marketplace

Divaris Real Estate Inc. has added five retail properties, totaling 303,694 square feet in Hampton Roads, Va., to its leasing and management portfolio.

“The properties are located in convenient, well-trafficked corridors,” Kris Fuller, Divaris Real Estate’s leasing associate, told Commercial Property Executive. “In general, we will be targeting retailers, fitness, medical office or financial users that will synergistically round out the co-tenancy.”  

With the new assets to lease, Divaris Real Estate now has properties totaling more than 37 million square feet in the Mid-Atlantic and Southeastern U.S.

Divaris Real Estate’s George Fox and Fuller, who specialize in leasing grocery-anchored assets, are handling the leasing of all properties in the portfolio.

Three of the properties are in Norfolk. Located at 4017-4261 E. Little Creek Road, East Beach Marketplace is a 184,269-square-foot center, anchored by Food Lion and Planet Fitness; Granby Street Shoppes, located at 7401 Granby St., is a 15,110-square-foot medical center anchored by Sentara; and West Little Creek Shoppes, located at 129-143 W. Little Creek Road, is an 8,450-square-foot strip center, anchored by SunTrust Bank.

The other centers in the portfolio are Armory Plaza, a 71,985-square-foot neighborhood center located at 1311 Armory Dive in Franklin, anchored by Franklin Bowling; and Diamond Springs North, a 23,880-square-foot strip center located at 1948 Diamond Springs Road in Virginia Beach, anchored by Dollar General.

A steady market

According to the Colliers Hampton Roads Retail Snapshot for the third quarter of 2018, there’s been more than 270,000 square feet of leasing in the area over the past 12 months, and supply has been steady all year long.

Additionally, the increase in popularity of net leased retail properties that don’t rely on soft goods retailers impacted by e-commerce has brought investors to Hampton Roads, evident by a consistent sales volume of more than $200 million annually and pricing that is higher than in other major metros. 

In August, Gumenick Properties hired Divaris Real Estate to lease the retail component of its Libbie Mill-Midtown mixed-use development in Richmond, Va. Earlier in the year, Divaris Real Estate’s Charlotte office negotiated six transactions, including the $800,000 sale of a former furniture store in Columbia, S.C.

Image courtesy of Divaris Real Estate