Divaris Real Estate adds 11 shopping centers to its leasing and management portfolio
Divaris Real Estate Inc., based in Virginia Beach, has added 11 shopping centers to its leasing and management portfolio. The total space exceeds 1,082,681 million square feet of retail space in centers recently acquired by Virginia Beach-based Armada Hoffler Properties Inc.
The core of the portfolio consists of six retail centers positioned along the I-85 corridor between Raleigh-Durham, N.C., and Greenville, S.C., These core assets include major anchor tenants such as Harris Teeter, PetSmart, T.J. Maxx, Bed Bath & Beyond, Ross Dress for Less, Hobby Lobby and Petco.
Divaris said the 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.
“This is a significant addition to our portfolio increasing our total leased and managed properties from 25 to over 26 million square feet of leased and/or managed assets,” Gerald Divaris, the company’s chairman, said in a statement. “Divaris Real Estate is experiencing a period of rapid growth and expansion that is very positive and exciting at the moment.”