Divaris Real Estate Announces Sale of Russ Avenue Plaza in Waynesville, North Carolina for $14.8 Million

Raleigh, North Carolina  (May 24, 2023) – Divaris Real Estate, a leading commercial real estate firm, announced today the successful closing of the former Kmart property, Russ Avenue Plaza, located at 1153-1220 Russ Avenue in Waynesville. The 17-acre property and buildings sold for $14.8 million, Jessica Johnson, Principal at Divaris Real Estate, represented the seller Russ Avenue Plaza LLC.

The Shopping Center boasts a prime retail location at the Intersection of U.S. Highways 74 and 276, just North of the Blue Ridge Parkway.​ Waynesville is located 26 Miles West of Asheville in the Heart of the Great Smoky Mountains.​ With a traffic count of 25,000 vehicles per day passing in front of the shopping center, businesses in this location benefit from high visibility and steady foot traffic. The area boasts a strong demographic profile, characterized by a high household income and proximity to various popular amenities.

“It was a great opportunity to represent the seller in this investment transaction, leveraging market trends to trade this asset in a growing section of a prosperous market,” said Jessica Johnson, Principal at Divaris Real Estate.


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, Pinehurst and Raleigh, N.C.; Beverly Hills, Calif.; Rockville, Md. and Washington, DC. Divaris Real Estate and Divaris Property Management Corp. are divisions of The Divaris Group, an international fully integrated real estate services, brokerage, and property management company that currently manages and/or leases over 37.3 million square feet of prime office, retail, and industrial space throughout the US. Gerald S. Divaris is Chairman of the Board and CEO, Michael B. Divaris is President, and Tony Divaris is Chief Operating Officer of Divaris Real Estate, Inc.

Divaris Real Estate is a member of Realty Resources, 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, 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.