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Norfolk Economic Development Authority approves purchase of Military Circle mall for $11 million

The Norfolk Economic Development Authority approved the purchase of the mall on North Military Highway for $11 million.

NORFOLK, Va. — Members of the Norfolk Economic Development Authority unanimously approved the purchase of Military Circle (Center). 

The mall on North Military Highway has gone by a few names during the course of the past several decades, including The Gallery at Military Circle.

The EDA already purchased the former JCPenney at the location for $2.3 million in 2014. 

The 200,000-square-foot building was redeveloped into a modern office space.

The city of Norfolk said that the building is now 100% leased. 

The additional purchase includes the entire mall and the surrounding out parcels. 

The EDA authorized the purchase price at $11 million. 

The most recent property assessment for the site is more than $41.1 million. 

An affiliate of Harbor Group International facilitated the transaction.

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