I used a simple jquery script to handle my problem.
$(function() {
if ($("body").hasClass("single-products")) { // single-products is the name of my template page for the custom post type
$("li.page-item-19").removeClass("current_page_parent"); // Removes the class current_page_parent from the <li> with the page-id of the Blog (News)
$("li.page-item-11").addClass("current_page_parent"); // Adds the class current_page_parent to the <li> with the page-id of the Products page
}
});
Note: the body tag needs to have <?php body_class(); ?>
for it to spit out the class for your custom post type page on the body tag.