Global Investment Firm Buys $10M Car Dealership

NORFOLK, VA-A car dealership here, situated along one of the busiest arteries in Norkfolk’s main commercial center, has traded for $10.3 million. Freedom Ford car dealership has been acquired by a private global investment company from a national REIT. Glen Kunofsky, a first vice president investments and senior director of Marcus & Millichap's National Retail Group in Manhattan, and James Mitchell, Amarainder Goli and Conrad FitzGibbon, all investment specialists in the firm's Washington, DC, office, represented both the buyer and the seller. Situated on a nearly 9.5-acre plot, the four-building dealership totals 93,275-sf. It is located at 7520 N. Military Hwy., north of North Military Highway and to the east of Hilton Street. The brokers say that the dealerships location was a plus in the sale--along with the fact that it... [read full story]