Investment group acquires nine-building portfolio in Newport News
An investment group that includes former Mayor Joseph Ritchie has acquired a nine-building office and retail portfolio in City Center at Oyster Point in Newport News for $64 million.
The city announced on Monday that the investment group, Pointe Hope LLC, includes many of City Center’s founding partners, such as Ritchie, and several local entrepreneurs who are new investors.
The Peninsula Division of TowneBank and Union Bank & Trust provided financing as a part of the acquisition.
City Center’s 574,466-square-foot office and retail portfolio was developed as a master-planned, public-private partnership involving the city and nine founding partners. Northwestern Mutual was its joint venture equity partner.
The city and its economic development authority remain participants in the project, providing business development support, special events, more than 2,700 parking spaces in three publicly-owned garages and a 50,000 square-foot Marriott conference center.
Office tenants include PNC Bank, Riverside Health System, The Daily Press, Morgan Stanley, City of Newport News, The Boeing Co., Siemens, and Progressive Casualty.
The city said Pointe Hope’s principals plan to expand the entertainment and retail venues of City Center.