• psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813

The Marquis Shopping Center in Williamsburg Has A New OWner

UPDATE March 16, 2011

A Texas-based shopping center developer is under contract to purchase the struggling Marquis at Williamsburg shopping center.

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
The planned auction of the  Marquis at Williamsburg shopping center in upper York County was abruptly canceled Thursday, an hour after its scheduled start.
The center was to be sold at a Richmond hotel to the highest bidder.

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
Julie Alexander, CPM, RPA, Director of Asset Services, will oversee the property
transition and implementation of CBRE standard process

Marquis at WilliamsburgPaul 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

 

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