Divaris Announces State-Leased Office Portfolio Trades for $13.2 Million

VIRGINIA BEACH, VIRGINIA: Divaris Real Estate, Inc. (DRE) announces that its Investment Sales Group brokered the sale of a state-leased office portfolio for $13.2 million to Boyd Watterson Asset Management.  DRE’s Jason Oliver, CCIM and Alex Divaris, CCIM represented the seller, Armada Hoffler Properties, Inc.  Both properties were developed by Armada Hoffler as build-to-suits for the Commonwealth of Virginia.

The portfolio consists of: Southeastern Virginia Training Center, a 36,227-square-foot building located at 2100 Steppingstone Square in Chesapeake, Va.; and Probation and Parole Office building, a 11,139-square-foot building located at 2520 Nimmo Parkway in Virginia Beach, Va.

Boyd Watterson Asset Management serves as the asset manager for a number of institutional investors and manages in excess of $1.5 billion in gross real estate assets as of September 30, 2016. Boyd Watterson also offers a variety of transactional, advisory, and sourcing services. It has managed a wide variety of asset types and situations, and its experienced team provides institutional-quality real estate services to investors.

Armada Hoffler Properties, Inc. is a full-service real estate company with extensive experience developing, building, acquiring and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic and Southeastern United States.

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, NC; Beverly Hills, CA; and Washington, DC.  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 over 31 million square feet of prime office, retail and industrial space from New Jersey to Florida. Gerald S. Divaris is Chairman of the Board, and Michael B. Divaris is President of Divaris Real Estate, Inc.

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.