Gerald S. Divaris, chairman and CEO of Divaris Real Estate, Inc. (DRE), announced the signing of a lease with lululemon for approximately 3,200 square feet of retail space located at the Town Center of Virginia Beach.
?This is an unprecedented third retailer to reveal its opening in the fifth phase at the Town Center of Virginia Beach. lululemon will be located on the corner of Main Street and Town Center Drive, across the street from Destination Maternity, on the opposite corner from Anthropologie? according to Divaris. ?Like recently announced Anthropologie and Free People, lululemon will be the first and only store of its kind to open in all of Hampton Roads, Virginia.?
The grand opening for lululemon in Town Center is expected to occur during the Fourth Quarter of 2014. Additional new tenants, primarily fashion and soft furnishing retailers, will be announced in the near future. These stores 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.
?We are thrilled to finally confirm that lululemon will join the exciting and new retail roster at The Town Center. They are extremely popular and a highly sought-after national retail tenant that will draw shoppers from throughout the entire region,? says Divaris.
?After three years of hard work, it will be terrific to finally have a full blown lululemon store at The Town Center of Virginia Beach,? said Sezin Cortinas, retail leasing associate in the Virginia Beach office of Divaris Real Estate.
Cortinas handled the lease negotiations on behalf of the landlord, Armada Hoffler Properties, Inc., by. The tenant was represented by John Auber of The Auber Group. The Town Center of Virginia Beach is leased by Divaris Real Estate, Inc., and managed by Divaris Property Management Corp.
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. Spanning over 17 city blocks, 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. 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.
About lululemon athletica, inc.
lululemon athletica (NASDAQ:LULU) is a yoga-inspired athletic apparel company that creates components for people to live longer, healthier, fun lives. By producing products that help keep people active and stress free, lululemon sets the bar in technical fabrics and functional designs by working with yogis and athletes for continuous research and product feedback. For more information, visit www.lululemon.com.
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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