Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of One and Two Oyster Point, two office buildings totaling 75,172 square feet in Newport News, Virginia.
HFF marketed the properties on behalf of the seller, CBL & Associates Properties, Inc. Suttle Holding Corporation purchased the two properties free and clear of existing debt.
One and Two Oyster Point are located within the Oyster Point Park off of Interstate 64 in Newport News. This location is close to the Norfolk International Airport, Newport News/Williamsburg International Airport, The Port of Virginia and the Department of Defense as well as numerous retail amenities, including Jefferson Commons, Newport Market Place and Patrick Henry Mall. One Oyster Point features 36,272 square feet and Two Oyster Point has 38,900 square feet. Combined, the properties are roughly 79 percent leased to a diverse range of local, regional and national tenants, including United States of America GSA.
The HFF investment sales team representing the seller was led by director Scot Humphrey and senior managing director Ryan Clutter. Mike Mausteller of Harvey Lindsay Commercial Real Estate represented the buyer.
“The Hampton Roads market continues to exhibit improving fundamentals and we believe more investors will be focused on the market in the year ahead given the expectation that the region will further benefit from increased spending in defense industries,” said Humphrey.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a North Carolina licensed real estate broker.
