Richmond Investor Nabs Newport News Union Bank Building

The Class A, four-story property is located just off Jefferson Avenue, close to City Center at Oyster Point.
603 Pilot House Drive in Newport News, Va.
603 Pilot House Drive in Newport News, Va.

Newport News, Va.—Divaris Real Estate Inc. recently closed the sale of the Union Bank building, a Class A, four-story property in Newport News. The company’s Jason Oliver and Alex Divaris represented the seller, NN Plaza LP.

The property was bought by an undisclosed Richmond-based private investor for roughly $3.4 million. According to Newport News property records, the building changed hands on Jan. 11 and was acquired by Oyster Point BB LLC, a Midlothian-based company with the same address as PECK Properties, a family-owned commercial real estate firm. The property last changed hands ten years ago for $2.4 million.

The 34,704-square-foot Union Bank building is located at 603 Pilot House Drive, just off Jefferson Avenue and close to the City Center at Oyster Point mall. The property is fully leased, the tenant roster including Union Bank, Union Mortgage, Chesapeake Bay Management and Goldbelt.

“This asset was attractive to a number of investors due to its strong location within Newport News’ top office submarket, Oyster Point, as well as its strong tenancy and staggered rollover schedule,” said Oliver, vice president of Divaris’ investment sales group, in prepared remarks.

Image courtesy of Divaris Real Estate Inc.