Friedman Real Estate has arranged the disposition of a technology-focused commercial property in Newport News, Virginia. The asset, known as the Virginia Technology Center, totals 81,426 square feet and is located at 813 Diligence Drive. Derek DeLaura and Andreanna Grillo of Friedman Real Estate represented the seller, a private investor, in the transaction.
The buyer, Cove Capital, acquired the Virginia Technology Center for $13.4 million. While the parties were identified, the terms of the transaction beyond the purchase price were not disclosed, including cap rate, tenancy profile, or any associated financing details. The sale reflects investor interest in established technology-oriented properties in this part of Virginia.
The Virginia Technology Center was originally constructed in 1986 and is located on a site spanning more than six acres. The property includes 370 parking spaces, providing a substantial parking ratio relative to the building’s size. No additional information was provided on the asset’s tenant mix, occupancy level, or lease terms at the time of sale.
In the transaction, Friedman Real Estate acted exclusively on behalf of the private investor seller. The firm, headquartered in Michigan, offers a range of commercial real estate services including advisory, property management, multifamily, brokerage, and construction services. The Newport News assignment demonstrates the firm’s ability to execute investment sales outside of its home state.
Cove Capital emerged as the purchaser of the Virginia Technology Center, though its investment strategy and planned approach to the property were not detailed. In addition to the Friedman Real Estate team, Brian Brockman of Bang Realty was identified as the in-state broker involved in the transaction. His role contributed local market expertise alongside Friedman’s national platform.
The closing of this transaction adds to the flow of mid-size commercial property trades in the Newport News market. With a sizable site, significant parking, and a long-established building, the Virginia Technology Center represents a mature asset changing hands between a private investor and a specialized buyer.
