Savills Studley is pleased to announce the sale of City Center at Oyster Point, a nine (9) building, office and retail, mixed-use portfolio to newly organized Pointe Hope, LLC for $64,000,000. Savills Studley represented the Seller, the joint venture ownership of Northwestern Mutual Real Estate and nine (9) founding local partners in the sale.
This sale to Pointe Hope, LLC, brings full ownership home into local hands who are committed to sustaining City Center as a Class A business and residential community.
City Center at Oyster Point is Newport News’ downtown Class A office location for the Hampton Roads’ Peninsula’s leaders in accounting, banking, finance, law, architecture, technology, defense government and healthcare encompassed by an environment of fine restaurants, retail, entertainment and hospitality amenities.
City Center at Oyster Point office and retail portfolio of 574,466 SF, located in the Oyster Point District of Newport News, VA, was developed as a public private partnership, master planned development among nine local founding partners with Northwestern Mutual as their joint venture equity partner and with the City of Newport News, VA.
The City of Newport News, through its Economic Development Authority, is an active participant in the project, providing business development support and over 2,700 parking spaces, in three publicly owned garages, as well as a 50,000-SF conference center, managed by Marriott.
Pointe Hope, LLC, led by managing members, Joseph Ritchie, a former Mayor of Newport News, VA and one of the original founding City Center partners, with Robert E. Long, Esq., an experienced attorney from Hampton, VA, have assembled ownership encompassing many of the founding partners as well as several local entrepreneurs who are new investors. The Peninsula Division of TowneBank and Union Bank & Trust have financed this acquisition.
“Although there were several competitive national and regional investors bidding for this exceptional portfolio, this local ownership, Pointe Hope, LLC, brings the vision and staying power to elevate City Center to its next level of success and to continue building its vibrant legacy for the future,” said Senior Managing Director Patricia Earnest, who led the Savills Studley team, which also included Senior Managing Directors Lindsay Stroud and Stephanie Lynch, in the sale and who arranged the initial venture.
Savills Studley partnered with Harvey Lindsay Commercial Real Estate as its local broker in this transaction.