Norfolk Commerce Center

NORFOLK, Virginia

Property Overview

  • Conveniently located close to the Norfolk International Airport
  • Well - maintained landscaping and building exteriors
  • Surplus surface parking
  • Centrally located with easy interstate access
  • Less than 2 miles from the recently delivered Norfolk Premium Outlets
  • Surplus land available for parking expansion and development

Acquisition Details

  • Acquired as a part of a 16-building portfolio in December 2018 for an allocated $25.5M
  • 3 buildings totaling 261,566 SF

Execution

  • Brought the properties to 95% leased
  • Sold in April 2022 for $34.9M ($133psf)
  • Executed a purchase agreement, completed due diligence, and closed all during the COVID-19 pandemic
  • $9.4M gain over 3.5-year hold period

Details

Location

Norfolk Commerce Center
NORFOLK, Virginia