Free People to Open First Hampton Roads Store in Town Center of Virginia Beach

6/8/14


Gerald S. Divaris, chairman and CEO of Divaris Real Estate, Inc. (DRE), announced the signing of a lease with Free People for approximately 3,200 square feet of retail space located at the Town Center of Virginia Beach.

?This is the second exciting fashion retailer to confirm its opening in this next phase at the Town Center of Virginia Beach this fall.  Like recently announced Anthropologie, Free People will be the first and only location of its kind to open in all of Hampton Roads, Virginia,? according to Divaris. ?Free People will be located on Main Street, in the first floor retail of the Armada Hoffler office tower, in a part of the space previously occupied by Red Star Tavern.?

Free People is expected to host its grand opening in Town Center during the Fourth Quarter of 2014.   Additional new tenants will be announced in the near future. These stores will be primarily fashion and soft furnishing retailers that will open their first and only stores in the region.  Destination Maternity and It?s Sugar recently opened as part of the new wave of retailers coming to Town Center.

?The Town Center of Virginia Beach is garnering tremendous interest from other unique and desirable retailers with further announcements of their openings to come soon,? says Divaris.

?Now that I have worked with such a creative and free spirited team as Free People, I cannot wait for Hampton Roads shoppers to experience it in the store for themselves,? said Sezin Cortinas, retail leasing associate in the Virginia Beach office of Divaris Real Estate.

The lease was handled on behalf of the landlord, Armada Hoffler Properties, Inc., by Gerald Divaris and Cortinas.  The tenant was represented by Elliott Kyle with The McDevitt Company.  The Town Center of Virginia Beach is leased by Divaris Real Estate, Inc., and managed by Divaris Property Management Corp.

The highly successful, mixed-use Town Center is the core of the City?s Central Business District. The project is being developed by Armada Hoffler Properties, Inc. Spanning over 17 city blocks, The Town Center provides a mix of multilevel upscale retail, Class A office, luxury residential, The Sandler Center for the Performing Arts and an array of cafes, restaurants and deluxe business hotels.  Other noted retailers in the Town Center include Brooks Brothers, LOFT, Origins, Cache?, Johnston & Murphy, Sunglass Hut, Men?s Wearhouse, Destination Maternity and Dick?s Sporting Goods.

Founded in 1984, Free People encompasses over 75 stores in the United States and three wholesale showrooms. In addition, its direct-to-consumer catalog and website, provide an inspiring shopping experience for the carefree, confident and curious young woman who appreciates a distinctive assortment of apparel, accessories and housewares.

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; 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 approximately 23 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, 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.

About Armada Hoffler Properties, Inc.

Armada Hoffler Properties, Inc. is a full service real estate company with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic United States. The Company has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.

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