The Investment Sales Group of Divaris Real Estate, Inc is pleased to announce the sale of the signature North End 3-story building at 3704 Pacific Avenue. Located at the Virginia Beach Oceanfront, the property offers 12,000 square feet of premier office space, with convenient access to Laskin Road and I-264.
Represented by Jason Oliver, CCIM and Rachel Salasky of Divaris Real Estate’s Investment Sales Group, Sharanya Ventures, LLC purchased the Class A building for $4.25 million. The multi-tenant building is occupied by long-term tenants including distinguished Hampton Roads’ attorneys, Bischoff & Martingayle, PC., with a history of six attorneys selected to the Super Lawyers or Rising Stars lists and Martingayle elected as Virginia Beach’s first President of the Virginia Bar in 2014; and Edward Jones, an international investment firm headquartered in St Louis, Missouri with more than 15,000 locations.
Jason Oliver, senior vice president, said, “3704 Pacific is ideally positioned adjacent to Princess Anne Country Club and just a block from the Atlantic Ocean. We are thrilled to have been able to assist our client in securing this prime, off-market opportunity.”
Manan Shah, a Virginia Beach based entrepreneur from Western India, serves as the registered agent for Sharanya Ventures and CEO of Pashm Global. Shah currently owns and operates hotels, retail spaces and convenience stores throughout Hampton Roads and Elizabeth City, North Carolina. In July, Shah founded Pashm Global, a hotel management and land development company.
Divaris Real Estate is an international, full-service commercial real estate firm headquartered in Virginia Beach. The Investment Sales Group is led locally in Hampton Roads by Michael Divaris and Jason Oliver. Divaris Real Estate’s Investment Sales Group is a leader in the sale of investment grade, income-producing properties offering clients unparalleled access to its extensive relationships with major real estate buyers and sellers.
In another December sale, Divaris Real Estate represented Adler Group, a Miami-based investment and development firm, in the disposition of the Maury Building to a Williamsburg-based firm, Alcove Corporation, for $3,475,000.
“We are pleased to have been able to negotiate a long term lease extension with Fortis College, thus stabilizing the property and allowing us to execute a successful disposition program on behalf of our longtime client, Adler Group.” -stated Michael Divaris, President/COO.
The Maury Building, located at 6300 Center Drive in Norfolk, Virginia, is part of the Interstate Corporate Center office park. The park is centrally located at the intersection of I-64 and I-264, and offers easy access to the surrounding cities of Virginia Beach, Chesapeake and beyond. The building is fully leased to Fortis College. Fortis provides career education and training in the nursing, medical, dental, massage and information technology fields.