NORTON, VA: Michael B. Divaris, President of Divaris Real Estate, Inc. announced the disposition of Norton Commons Shopping Center, located at 647-702 Commonwealth Drive in Norton, Virginia. Alex Divaris, CCIM, and Jason Oliver, CCIM, of Divaris Real Estate’s Investment Sales Group, represented the seller, General Electric Credit Equities, Inc., in the transaction.
Rivercrest Realty Associates, Inc., a Raleigh, North Carolina-based private investor, purchased the 81,297-square-foot shopping center for $6,910,000. Norton Commons is anchored by Burke’s Outlet and shadow-anchored by Wal-Mart Supercenter, and was 98 percent occupied at the time of the sale.
“The Buyer was attracted to this asset’s strong, stable tenancy and premium position within a market in which they were comfortable,” said Alex Divaris. Rivercrest Realty currently owns over 4.3 million square feet of retail in the eastern U.S. DRE’s Investment Sales Group continues its trend of successful dispositions on behalf of lenders and special servicers.
Divaris Real Estate, Inc. is headquartered in Virginia Beach, VA with offices in downtown and suburban Norfolk, Newport News, and Richmond, VA; Charlotte, NC and Rockville, MD. 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 30 million square feet of prime retail, office and industrial space from New Jersey to Florida.
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.
Dona L. Hall
Director of Marketing & Research
DIVARIS REAL ESTATE, INC.
One Columbus Center, Suite 700
Virginia Beach, VA 23462