Divaris Real Estate Announces Sale in Washington, DC and Renewal/Resizing of Old Navy at Parkridge Center in Manassas, Va
TYSONS CORNER, VIRGINIA: Divaris Real Estate, Inc. (DRE), announced the completion of five transactions in the greater Washington, DC metropolitan market, totaling 42,663 square feet of new and renewed commercial space.
Sales Transaction
Urban Investment Partners (UIP) purchased Tenleytown office buildings at 4620-4624 Wisconsin Avenue NW in Washington DC from Jay Katzen for $3,300,000. UIP has submitted plans to the Zoning Commission to redevelop the property into an eight-floor, 140-unit apartment building to be branded as The Broadcast. The name reflects the area’s many radio towers and broadcast studios and the apartment redesign will have a retro feel to it. The façade of the building will include gray and buff bricks, gray and white composite metal panels, and transparent glazing. Rectangular contrast framing on the front of the building and punched windows will be framed in aluminum. The design also includes perforated metal guardrails and dark gray metal louvers.
The ground floor will feature 12,000 square feet of retail space for restaurant, bars or possibly a small grocery store. The plan includes 92 studio and junior one-bedrooms, 52 one-bedrooms with and without dens and three two-bedrooms. Three below-grade garage levels will have parking spaces for 58 cars and 60 bicycles and a rooftop terrace is also proposed. Groundbreaking is planned for late spring with the building delivering 16 months later. Amit Grover and Joseph Farina of the Washington DC office of Divaris Real Estate brokered the off-market sale on behalf of the buyer.
Lease Renewal/Renovation
Old Navy renewed its lease for 24,920 square feet of retail space in the Divaris-leased and -managed Parkridge Center located at 11096 Bulloch Drive in Manassas, Va. Through the first half of 2018, Old Navy will occupy 8,900 square feet of retail space it intends to remit to the shopping center for occupancy by another tenant. Once the remaining 16,020 square feet are built out to the new Old Navy smaller prototype specs, the retailer will move into that space for the remainder of the lease term. It is anticipated that the remodel will be concluded in June 2018 with no interruption in operation by the store. Gerald Divaris and Joe Farina represented the landlord in the lease negotiations. Other tenants in Parkridge Center include: Regal Cinemas, Kohl’s, Bath & Body Works, Famous Footwear, Lane Bryant, Duluth Trading Company and The Vitamin Shoppe.
Lease Transactions
Party Palace leased 3,000 square feet of retail space in the Divaris-leased Marlow Heights Shopping Center located at 3911 Branch Avenue in Temple Hills, Md. Joe Farina and Chris Saa represented the landlord in the lease transaction. Other tenants in Marlow Heights include: Giant Foods, Macy’s, Marlow 6 Theater, H&R Block, Advance Auto Parts, Dollar Tree, Catherine’s, Sport Zone, Bare Feet Shoes, and Little Caesar’s.
Green Health Integrative & Wellness leased 1,843 square feet of retail space in the Divaris-leased Ashdale Plaza located at 2898-105 Dale Boulevard in Dale City, Va. Susan McGee and Chris Saa handled the lease negotiations for the landlord. Other tenants in Ashdale Plaza include: Goodwill Industries, Family Dollar, Domino’s and Popeyes.
Q-Baton 202 Tu Radio leased 900 square feet of Divaris-leased retail space located at 1752 Columbia Road, NW in Washington, DC. Rob Gray represented the landlord in the lease negotiations.
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 34 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.