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Colliers International Completes Sale of 200,000-SF Former JC Penney in Norfolk for $20 Million

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 square feet. 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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Patrick Gill

Senior Vice President

Norfolk - Main

Patrick Gill is Senior Vice President and leading member for the Colliers Norfolk Investment Properties Group.

Patrick has 32 years experience in the commercial real estate industry as a broker, developer, consultant, and manager. Patrick has provided real estate development and investment advice to numerous clients. These clients include Ford, Disney, Gateway, Dominion Resources, Visteon, Sears, Wells Fargo, SunTrust, BB&T, and the Bank of Hampton Roads. Since opening the Hampton Roads office of CBRE in 1998, Patrick has negotiated sales and leases with an aggregate value in excess of $1 billion dollars.

As a developer and owner of office, industrial and multifamily properties, Patrick has a unique understanding of how to create and preserve the value of income producing real estate.

Patrick’s professional affiliations include National Association of Realtors (local association), licensed Real Estate Broker, Licensed Class A General Contractor, and a Certified Commercial Investment Member (CCIM).

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