Mid Atlantic Real Estate Journal — Shopping Centers — Section C


Divaris & Oliver represented the seller Divaris Real Estate brokers sale of Norton Commons for $6.9 million


ORTON, VA — Mi- cha e l D i va r i s , president of Diva-

ris Real Estate, Inc. an- nounced the disposition of Norton Commons Shopping Center, located at 647-702 Commonwealth Drive in Norton. Alex Divaris, CCIM , and Jason Oliver, CCIM , of Di- varis Real Estate’s Investment Sales Group, represented the seller, General Electric Credit Equities, Inc., in the transac- tion. HI-LIGHTS SEPT. 27 - OCT. 10, 2013

Norton Commons Shopping Center

rently owns over 4.3 million s/f 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. ■

Rivercrest Realty As- sociates, Inc. , a Raleigh, NC based private inves- tor, purchased the 81,297 s/f shopping center for $6.91 million. 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 po- sition within a market in which they were comfort- able,” said Alex Divaris. Rivercrest Realty cur-

Neuman of Greysteel’s retail practice sells 37,400 s/f Miramar Plaza Shopping Center for $5.2m


Retail Services & ICSC Highlights

BALTIMORE COUNTY, MD — Greysteel , a Wash- ington, D.C. based invest-

market’ from inflated pre- recession days with now no- where to go but up.” Miramar Plaza serves a dense demographic of ap- proximately 72,000 residents within a three-mile radius and more than 200,000 within a five miles radius. It is adjacent to Miramar Landing, one of Baltimore County’s largest residential developments with 740 townhouses and single family residences and a 100- unit senior community. ■


ment real es- tate services f i r m , h a s brokered the $5.2 million sale of Mi- ramar Plaza S h o p p i n g Cent er l o - cated at 901- 915 Middle

NRDC leases over 98,000 s/f at Pohatcong Plaza in NJ

Gil Neuman

River Rd. in Middle River, Baltimore County. Greysteel’s Retail Practice led by Man- aging Director Gil Neuman represented the seller Van- guard Equities and procured the buyer, Aasan Investment LLC. The recently renovated and expanded center was 92% leased to a diverse mix of long-term destination ten- ants. “’Bread and butter’ centers likeMiramar planted in dense infill locations are draw- ing strong competition from investors,” said managing director Gil Neuman . “They offer high occupancy, built-in growth and diversification of risk through multiple smaller tenants at replaceable low rents that were ‘marked to

Miramar Plaza Shopping Center

2C Frantzman of Levin Mgmt. negotiates 22,000 s/f lease


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