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.