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A more than 25-year-old James City County shopping center is set to be auctioned for at least $1.8 million later this month.
Williamsburg Crossing will be involved in an online auction at auction.com from July 20 to 22. David Tunnincliffe of Cushman & Wakefield | Thalhimer confirmed the online auction Wednesday.
The starting bid is set for $1.8 million for a property James City County has assessed to be worth $6.174 million. The shopping center, which is currently 69 percent occupied, was sold to its current owner CSFB 2002-CKS4 Tyler Highway LLC for $5.3 million in 2012.
The shopping center features 149,872 square feet of retail space. It is presently anchored by a Food Lion, which the auction.com listing said enjoys steady sales that meet the average for the region. Specific figures are only available to parties that sign a confidentiality agreement.
Other stores presently in the shopping center include Subway, Top’s China and Domino’s Pizza. Greenwood Christian Academy is also located there.
Williamsburg Crossing, which is located at the intersection of Route 199 and John Tyler Highway, was once the retail hub of James City County. Several businesses like School Crossing and Comic Cubicle relocated to the Monticello Avenue corridor as that was developed in the early 2000s, leaving several vacancies at the shopping center.
The extension of Route 199 further dampened activity at the shopping center as its main entrance was cut off and replaced by a new entrance further down John Tyler Highway.
The shopping center may receive a bump in the next few years as the Promenade at John Tyler is built. That neighborhood will feature 204 homes and is slated to be built on undeveloped land adjacent to the shopping center in late 2015 and early 2016.
Williamsburg Crossing was built in 1989. The area around it was undeveloped at the time, but it has since come to include Riverside Doctors Surgery Center, Riverside Womancare Williamsburg and La Fontaine, a residential neighborhood with about 120 units.