CB Richard Ellis Commercial Real Estate Firm has pitched Norfolk Redevelopment and Housing Authority on relocating from Downtown Norfolk to Central Business Park next to the Walmart on Tidewater Drive. This move could be a boon to the redevelopment plan known as the Greater Wards Corner Comprehensive Plan.
The Hampton Roads Business Journal, “Inside Business” wrote:
CBRE made the pitch last week after learning that the housing authority is exploring options for its headquarters, which is now in Downtown Norfolk at 201 Granby St.
The three-story, 53,815-square-foot building, constructed less than two years ago, is located in Central Business Park, which is close to Tidewater Drive, Norfolk International Airport and Interstate 64. The housing authority originally developed the park for the city.
“This is a perfect opportunity for NRHA to stand behind one of the properties they were instrumental in developing and promoting,” said Jeff Parker, a vice president with CBRE who is marketing the property.
A CBRE flyer advertises a sale price of $6.6 million or rental rates of $10 per square foot, full service, with lease terms of either 5 or 10 years.
“The owners will be open to negotiations as to the rents or the sales price,” Parker said.
Norfolk Central Development LLC, a partnership between Pete Singh and Lennie Weaver of Dumfries, owns the property.
Parker said tenant improvements can be done in 60 to 90 days.
“The facilities committee has requested that staff look at the market and determine if there are existing properties that are cheaper to buy or lease,” said housing authority spokesperson Ed Ware.
NRHA is also considering a location in Broad Creek. Hopefully the Wards Corner area will get the attention that it deserves by a relocation of NRHA to Central Business Park.