Virginia Beach:
“The site of a former shopping center near the Sentara
Independence outpatient treatment facility has been sold to a Virginia Beach
developer. An entity controlled by developer Michael Sifen paid about $9
million for the 13.5-acre site at 717-745 Independence Blvd., according to deed
records filed at the Beach.
The seller, a unit of Lowe's Cos. Inc., paid $13.5 million
for the site in 2007 and demolished a shopping center there in preparation for
a new home improvement store. The former Giant Square center had been anchored
by a Farm Fresh grocery up until about a year before Lowe's took possession.
When the economy soured, Lowe's greatly scaled back its
expansion plans and shelved the store project, said Gerald S. Divaris, CEO of
Divaris Real Estate, which represented Lowe's in the recent sale.”
~ Writes Dave Mayfield of The Virginian-Pilot
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