VA Beach Office Building Fetches $1.5M
- Dec 18, 2017
Divaris Real Estate has brokered the sale of an 11,450-square-foot office building in Virginia Beach, Va., for $1.6 million. The buyer, EDC Homes, will occupy the property’s second floor. Shortly after the sale, Axis Global Enterprises leased the first floor of the building. TowneBank Mortgage provided acquisition financing of $1.4 million, according to public records. The seller, Mythics Inc., had previously occupied part of the building.
Located at 1439 N. Great Neck Road, the property sits at the edge of a busy retail corridor that includes grocery stores and restaurants. The building is within a two-minute walk of a Hampton Roads Transit system’s bus route, and the location is accessible from the Norfolk Virginia Beach Expressway to the south and U.S. Highway 60 to the north, both of which are under three miles away from the building.
“The ability of our investment sales group to work together seamlessly with our leasing group enabled us to quickly realize the goals of both the buyer and the seller. This asset, which was sold with the existing tenant vacating at year end, is now fully stabilized with zero downtime,” said Jason Oliver, vice president of Divaris Real Estate’s investment sales group, in prepared remarks.
Along with Oliver, Divaris Real Estate’s Vivan Turok represented the seller in the transaction. The company’s Senior Vice President Alex Divaris represented the buyer.
Earlier this year, Virginia Beach was named the most livable city in the United States by WalletHub.
Image courtesy of Divaris Real Estate