Neuman Commercial Group, LLC has negotiated the end-of-year sale of Town Point Center, a Class A 12-story office building with ground floor retail in Norfolk, Hampton Roads, Virginia. The property sold on December 19 for $19,900,000. Located at 150 BoushStreet in Norfolk’s central business districton the Elizabeth River waterfront, the 132,000 square foot building is 94% leased to such tenants as BDO USA, The UP Center, Verizon, RCMA Americas and The Virginia Symphony. The transaction included the simultaneous sale of the building, the separately owned ground leasehold interest and a seller-leaseback. Neuman Commercial Group, led by Principal, Gil Neuman, negotiated the sale on behalf of the Florida based buyer, The Falstaff Group, from sellers CIG Town Point Center, LLC and The Runnymede Corporation.
“Town Point Center is a stabilized core-plus asset which directly benefits from and contributes to Downtown Norfolk’s continuing waterside redevelopment and hotel and apartment boom,” stated Gil Neuman, Principal of Neuman Commercial Group, LLC. He added: “We congratulate the sellers for having created value and the buyers for acquiring a premiere infill urban commercial landmark.”
The Hampton Roads region hosts over 96,000 active-duty military personnel and the Norfolk Naval Base, the largest naval base in the world.Town Point Center is across the street from The USS Wisconsin Battleship and the Hampton Roads Naval Museum, and within walking distance to restaurants, banks and hotels. Major new downtown apartment projects include The ICON (275 units), The Edge at 450 Boush(156 units) and The St. Paul's Apartments (126 units); nearby new hotels are the 300-roomThe Main and the 120-room Glass Light. The Cordish Company’s nearby urban entertainment Waterside District features a craftbrewery and extensive dining and entertainment options.
Neuman Commercial Group formed in 2017 as a highly focused firm specializing in arranging the disposition and acquisition of Mid-Atlantic commercial assets, with a specialty in anchored, unanchored and urban retail properties. CoStar named Neuman Commercial Group a Power Broker 2017 Top Firm Award winner.
