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UPDATE March 16, 2011 Paul Galanis, managing director of CB Richard Ellis Auction Services, said the developer plans to build out the 223-acre shopping center located off Route 199 in upper York County. The center is currently home to five stores, which includes a Target, J.C. Penney, Kohl’s, Best Buy and Dick’s Sporting Goods. "We are pleased that the auction process has identified a buyer for the property," Galanis said in a prepared statement. "This buyer has an exciting vision for how to successfully complete the development of this property, which will reenergize this institutional quality shopping center." Galanis did not name the developer or provide details about the sale. UPDATE March 10,2011 Doug Johnson, of C.B. Richard Ellis Auctions, indicated that the seller made the election to cancel the auction and gave no further details. There has been no buyer awarded the development according to Chad P Lesley , Vice President with CB Richard Ellis / Brokerage Services UPDATE: March 10, 2011 CB Richard Ellis has been selected by Marquis Williamsburg RE Holding, LLC to exclusively manage The Marquis located at 165 Water Country Parkway in Williamsburg, VA. Rebecca A. Birtcher, Real Estate Manager, will manage the property, and |
Paul Galanis, Managing Director of CBRE Auction Services announced that “The Marquis at Williamsburg”, a 268,691-square-foot partially completed retail center located in Williamsburg, VA, will be sold absolute regardless of price, in an open outcry auction..
The Williamsburg, Va., shopping center that started the 2008 collapse of Indianapolis mall developer Premier Properties USA Inc. will hit the auction block in March, to be sold at any price offered.
The catch, however , is that any buyer must assume $30 million of county-issued bonds that financed construction of infrastructure for the 268,691-square-foot center. CBRE Auction Services is handling the March 10 auction for the lender that now owns the property, CIT Group Inc
The center includes a J.C. Penney, Kohl’s, Best Buy and Dick’s Sporting Goods. The Target Corp. store there is owned by Target and is not part of the auction.
The Marquis was the first domino to fall in the collapse and bankruptcy of Premier, a closely held mall developer controlled by Christopher P. White. Premier in 2008 failed to refinance a maturing, $65 million construction loan from CIT on the Marquis, leading to a default. That default led a mezzanine lender to declare cross-defaults on 10 other Premier centers in several states. CIT eventually foreclosed on the Marquis and now is seeking to get the center off its books
Situated on 223 acres, the retail development is located at the intersection of Interstate 64 and Route 199 (Exit 242-B) next to Water Country.
The open-outcry auction will be held on Thursday, March 10th in Richmond, VA. Registration begins at 11:00 a.m., and the auction commences at noon. A certified or cashier’s check in the amount of $150,000 is required to bid. Property inspections will More information on the auction can be found at www.cbre.com/auctionservices
Filed under: Business, williamsburg va |
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