NORFOLK, Va. (WAVY) – The Economic Development Authority of the City of Norfolk completed the sale of the 824 Office building to MPB, Inc for $20 million, according to press release sent out on Thursday.
MPB stands for “medical professional buildings,” which is the real estate holding company of Sentara Healthcare, a city spokeswoman said.
In 2014, Norfolk Economic Development Authority purchased the building, which was a former J.C. Penney, for $2.3 million. The building has been redeveloped into the 824 Office Building, a 200,000-square-foot office space where Optima Health rents space.
The City of Norfolk says the buyer has agreed to work with the Economic Development Authority to enable a successful redevelopment of the mall property and is supportive of the EDA efforts to create a mixed-use district in this corridor.
This sale follows the recent purchase of the Gallery at Military Circle, which was purchased by the EDA for $11 million. The former Doubletree Hotel was acquired for $2.4 million.
Norfolk says the current property assessment for the site was $41.1 million.
“The sale of the 824 Office Building to MPB, is another critical development as we lay the groundwork for the transformation of this emerging corridor. Continued direct investment signals that more long-term commitments will be made in the future to support a shared vision for jobs and an economically vibrant Military Circle,” said Mayor Kenneth Cooper Alexander.
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