REAL ESTATE

Divaris completes two retail leases in Richmond

BY Michael Fickes

Virginia Beach, Va. — Divaris Real Estate has completed two retail leases totaling more than 21,000 sq. ft. in Richmond.

PetSmart renewed its lease for 19,734 sq. ft. at Parch Place at Short Pump, which is leased and managed by Divaris (www.divaris.com). Metro Commercial Real Estate represented the tenant.

Kamayan Restaurant leased 1,577 sq. ft. in the 360 West Shopping Center, which Divaris leases and manages. The Filipino restaurant joins Rite Aid, AutoZone, Dollar General, Subway, Jackson Hewitt and Radio Shack.

Divaris also leased office space at 360 West Shopping Center to two tenants. Life Lessons family Services has taken 1,508 sq. ft. and 1,307 sq. ft., and Insight Investigations and Security Systems will occupy 1,307 sq. ft.

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.

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REAL ESTATE

IKEA will open in St. Louis in fall of 2015

BY Michael Fickes

St. Louis, Mo. — IKEA plans to break ground on a three-level, 380,000-sq.-ft. building in midtown St. Louis this summer, according to Pace Properties, the broker selected by IKEA to help facilitate the chain’s expansion into the St. Louis market.

The site is a 21-acre redeveloped tract at the intersection of Forest park and Vendeventer avenues within the 240-acre CORTEX Life Science District in midtown St. Louis.

The building will feature two floors of showroom space above a ground-level garage. With supplemental surface parking, the site will accommodate 1,250 vehicles.

Pace began evaluating properties in metro St. Louis in 2004. Overall, the firm analyzed more than 30 prospective locations. A defining characteristic of the site IKEA selected is its urban setting in a gentrifying area of St. Louis City. IKEA typically favors suburban locations.

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REAL ESTATE

Kroger buys 12 acres at Hampton Roads Crossing

BY Michael Fickes

Virginia Beach, Va. — Kroger has acquired 12 acres at the Hampton Roads Crossing mixed-use project in Suffolk, Va., according to Divaris Real Estate (www.divaris.com), the broker that represented the seller, Terry/Peterson Investment Thirty, in the transaction.

Kroger intends to construct a 113,361-sq.-ft. Kroger Marketplace on the site.

Plans call for the new store to open in November of next year. The store will anchor the retail component of Hampton Roads Crossing. The 40-acre retail site will feature key anchor box tenants including Kroger Marketplace and shops and outparcels.

Other components of the development include 1,000 residential units and office buildings. The development will span the Suffolk-Portsmouth city lines.

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