Divaris Real Estate Closes Two Deals in the Carolinas

Divaris Real Estate Inc. closes two new deals in the Carolinas: a mixed-use development and a shopping center. DRE represented Armada Hoffler Properties in their purchases.

Divaris Real Estate Inc. (DRE)  recently announced that the firm closed two deals in the Carolinas. The first deal is a mixed-use development in Charlotte, while the second  is a shopping center in the heart of Myrtle Beach. DRE represented Armada Hoffler Properties in their purchases.

Providence Plaza & Socastee Commons

Providence Plaza & Socastee Commons

The two properties were acquired by Armada Hoffler as part of a 1031 exchange in separate transactions for $26 million for Providence Plaza and $8.6 million for Socastee Commons.

Providence Plaza is a Class A mixed-use property reaching over 100,000 square feet of space. The development is located at 2907-2935 Providence Road in the heart of Charlotte. With three buildings comprising part of the complex, Providence Plaza offers 54,000 square feet of office space, 49,000 square feet of retail space and a two-floor parking garage with 256 spaces. The property. at the time of sale. was 97 percent leased.

Socastee Commons is a 57,273 square foot BI-LO anchored shopping center. The property is located at 5020 Dick Pond Road in Myrtle Beach. At the time of sale, Socastee Commons was 100 percent occupied.

In the acquisition of Providence Plaza, Armada Hoffler was represented by Alex Divaris, CCIM and Jason Oliver, CCIM, of Divaris Real Estate’s Investment Sales Group.  Armada Hoffler was represented by Divaris and Sandy Cohen in their purchase of Socastee Commons. Divaris Real Estate will lease and manage the acquired properties.

Photo credits: Divaris