Colliers International completes sale of 200,000 s/f former JC Penney in Norfolk for $20 Million

NORFOLK, VA — Colliers International represented the City of Norfolk Economic Development Authority in the sale of 824 N. Military Highway, Norfolk to MPB, Inc. for $20 million. Patrick Gill, senior vice president with Colliers International, represented the seller. The class B office building comprises 200,000 s/f. The building is 100% leased and sits on 16 acres of land with 1,436 parking spaces. Originally built as a JC Penney store in 1969, it was an anchor to Military Circle Mall for many years. The building was gutted, renovated and repurposed as office multi-tenant office space for Movement Mortgage and Sentara Health Plans.

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