NEWPORT NEWS—Several retail and office spaces in City Center at Oyster Point were recently sold to Murphy Property Group of Florida for $74 million. The sale includes a total of ten Class A properties consisting of 547,466 square feet of spaces around the fountain area, not including Langley Federal Credit Union’s headquarters, Ferguson’s new HQ3 building, Marriott at City Center hotel, or the Cinemark movie theater.
“It was a privilege to represent the partnership in the sale of City Center at Oyster Point,” said Monty Spencer, Senior Vice President of Mid Atlantic Commercial/TCN Worldwide, who brokered the transaction. “While meticulously cared for under previous ownership, I have every confidence that the new ownership will bring a renewed energy and propel City Center at Oyster Point to true iconic status. Locals and visitors alike will continue to enjoy this flagship destination of the Virginia Peninsula for a long time to come.”
The properties were originally purchased by Northwestern Mutual Life Insurance in 2006. A group of 17 local investors bought the spaces from Northwestern in 2016 for $64 million. Those investors—which include former Newport News Mayor Joe Ritchie and Harvey Lindsay Commercial Real Estate Chairman Harvey Lindsay—decided it was the right time to sell.
“Regarding the new ownership and their relationship with the tenant base, the transition period should be seamless as the new owners will keep Harvey Lindsay for leasing and management of the properties,” said Spencer. “The driving factor for most of the partners was to get their estate planning in order and selling now was the right time for them to accomplish their goals.”
Good Vibes, one of the newest businesses at City Center was also involved in the deal. “The new owners seem super nice,” said Good Vibes Owner Matt Lockhart. “They want to help make us into a big entertainment destination.”
Mid-Atlantic Commercial Real Estate specializes in the sale and leasing of all commercial asset classes, the assembly and development of raw land, and institutional investment opportunities. Mid-Atlantic is the Hampton Roads aﬃliate of TCN Worldwide, a consortium of leading independent commercial real estate firms, serving more than 200 markets globally.