SLN Capital Markets Completes $12.3M Sale of Newly Subdivided Retail Parcel

(January 31, 2025, Norfolk, VA)  SLN Capital Markets, a division of S.L. Nusbaum Realty Co., has completed the sale of a newly subdivided 15-acre parcel in Norfolk, VA in a prime retail corridor.   It took more than a year to formally subdivide the larger parcel into four separate parcels, which already contained tenants Wells Fargo Bank, Banister Nissan, Pep Boys, and a two-tenant building containing AutoZone and Iron Asylum Gym and an outparcel to Take 5 Oil Change.   The parcels are located between 1200-1280 N. Military Highway in Norfolk, near the JANAF Shopping Yard, an 887,917sf shopping center that was built in 1959 and was one of the first primary retail locations in the region.

“There’s a great history of consistently successful retail in this area,” said Doug Aronson, Senior Managing Director of SLN Capital Markets, who brokered the deals on behalf of the seller, National Development, LLC.  “We felt our client would derive higher proceeds by selling off the parcels individually than together.  But with that came a number of hurdles that we eventually worked through to get all four parcels sold,” Aronson said.

Both Banister Nissan and Pep Boys bought their respective properties.   Buxton Associates Limited Partnership, which was ground leasing the AutoZone/Iron Asylum/Take 5 parcel, purchased the property after a competitive bid process.  A private buyer purchased the Wells Fargo parcel.   The Banister Nissan portion closed officially on January 30, 2025, and was the last of the four transactions to close.    Collectively, the four parcels sold for a total of $12,277,000.

About SLN Capital Markets

SLN Capital Markets, a division of S.L. Nusbaum Realty Co., specializes in the sale and purchase of single, multi-tenant and multifamily investment properties. We work with both private and institutional investors in the acquisition and disposition of their assets and advise accordingly based on their needs. We employ the latest technology and provide up to date research to effectively market properties both nationally and internationally. Fore more information, visit: www.slncapitalmarkets.com