Glen Kunofsky, 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, DC, office, represented both the buyer and the seller.
Situated on a nearly 9.5-acre plot, the four-building dealership totals 93,275-sf. It is located at 7520 N. Military Hwy., north of North Military Highway and to the east of Hilton Street. The brokers say that the dealerships location was a plus in the sale--along with the fact that it is a car dealership.
"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," Mitchell says in a prepared statement. The market itself is also well positioned to withstand economic headwinds: Located in Hampton Roads, Norfolk is home to both the world's largest naval base, and corporate headquarters of the Norfolk Southern Railway.
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