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Home News Regions Eastern Virginia A portion of former Ford Motor Co. property sells for $4.1 million

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

Published February 11, 2014 by Paula C. Squires

Photo courtesy Divaris Real Estate Inc.

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.

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