Marcus & Millichap Arranges Sale of 9.49-Acre Car Dealership in Norfolk, VA for $10.3M

NORFOLK, VA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 9.46-acre property leased to Freedom Ford car dealership (middle right photo) in Norfolk. The sales price is $10.3 million.

Glen Kunofsky, (top left photo) a first vice president investments and senior director of Marcus & Millichap’s National Retail Group in Manhattan, and James Mitchell, Amarainder Goli and Conrad FitzGibbon, all investment specialists in the firm’s Washington, D.C., office, represented the seller, a national real estate investment trust, and the buyer, a private global investment company.

“Franchised automobile dealerships represent an excellent single-tenant net-leased investment because of the strength of the real estate that is inherent with most dealerships and cash flows from operations that can quickly adapt to disruptions in the marketplace that are prevalent today” says Mitchell, who has spent a decade working in the automotive industry.

“The offering was an excellent opportunity for the investor to acquire a well-maintained property leased to a stable tenant in an enviable location along one of the busiest arteries servicing one of Norfolk’s main commercial centers,” adds Goli.

Located at 7520 North Military Highway, the property consists of four buildings, totaling 93,275 square feet, and is situated to the north of North Military Highway and to the east of Hilton Street.

Norfolk is one of Virginia’s largest incorporated cities and is located in Hampton Roads, a large natural harbor located at the mouth of the Chesapeake Bay. Norfolk is considered to be the historic, urban, financial, and cultural center of the region. It is home to both the world’s largest naval base, and corporate headquarters of the Norfolk Southern Railway.

Press Contact: Stacey Corso
Communications Department
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