Former Armada Hoffler HQ Sells for $6M

CHESAPEAKE, VA-The class A building at 1435 Crossways Blvd. has hit the market and brought in $5.5 million in a recent deal. Commercial real estate and development company Armanda Hoffler, which relied on the marketing assistance of Divaris Real Estate Inc.’s Virginia Beach office, sold the 53,000-sf property to a Hampton Roads investment group. The property has a current assessed value of about $5.8 million, according to Chesapeake city records.

Developed in 1995, 1435 Crossways sits on a nearly five-acre parcel of land off I-64 in the Greenbrier community of Chesapeake. The corporate offices of Armanda Hoffler, along with accounting firm Cherry, Baekert and Holland and law firm Faggert and Frieden PC, were housed in the three-story structure until all three entities relocated to the new The Town Center at Virginia Beach development. Divaris also assisted in the releasing effort, which brought the occupancy level up to 42,000 sf. Tenants in the building include law firm Marcus, Santoro and Kozak PC, AutoTrader and Walker Technologies.