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CHESAPEAKE, VA. — Kings Pointe Associates has purchased 39.16 acres of land from James & Venice King LLC for the construction of two luxury condominium developments. The land is located on Gum Road in Chesapeake. Kings Pointe South will house units totaling 1,300 square feet and larger, and Kings Pointe North will start its unit size at 1,700 square feet. S.L. Nusbaum Realty Co. brokered the sale.