A portion of former Ford Motor Co. property sells for $4.1 million

Published February 11, 2014 by Paula C. Squires

VRC Ventures has sold the Virginia Renaissance Center, formerly the Ford Motor Co. property in Norfolk, to The Schaubach Cos. for $4.1 million. The company owns a local trash collection and recycling company, Bay Disposal Inc.,  and it and another company concern, Johns Brothers Security, plans to move their Norfolk operations to the site.

According to CBRE/Hampton Roads, three of five parcels at 2424 Springfield Ave. were sold. One parcel is 10.8 acres, a second parcel is 4.3 acres and third tract is 2.6 acres for a total of nearly 18 acres.

The property last changed hands in 2011 when Jacoby Group, an Atlanta-based developer, purchased the 100-acre site for $14.2 million and renamed it the Virginia Renaissance Center.

Parcel 1 includes a 30,000-square-foot building.  The remaining available parcels that weren’t sold have access to a 400-foot concrete pier as well as Norfolk Southern rail service.

Ken Benassi and Worth Remick, senior vice presidents for CBRE|Hampton Roads,  represented the seller, VRC Ventures, in the transaction.