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Williamsburg Shopping Center is under new management, and both the city and the new owners see great potential for the property.
The midtown Shopping Center was purchased by the Maryland-based Broad Street Realty, LLC, according to Williamsburg Economic Director Michele Mixner Dewitt. The sale was finalized Jan. 6, 2017 for $13.3 million.
“Williamsburg Shopping Center is an extremely well-located, grocer-anchored center that presently underperforms the market,” said Tim McCann, Vice President of Acquisitions and Capital Markets for Broad Street Realty. “Broad Street is excited about the opportunity to work with both the City of Williamsburg, as well as tenants, to improve the overall viability of the center.”
McCann said that Broad Street Realty has not settled on any specific plan for the property. He added that the property was listed for sale by listing agent CBRE, which McCann said has completed a number of transactions with Broad Street in the past.
Broad Street Realty owns more than 10 retail shopping centers in Maryland, Virginia,Washington D.C., Pennsylvania and Colorado. According to Broad Street’s website, the company’s property portfolio includes industrial, retail, office and multifamily facilities. The Williamsburg Shopping Center is Broad Street’s first purchase in the Historic Triangle, and McCann described the shopping center as “a good fit” for Broad Street.
The shopping center currently has multiple vacancies, and Dewitt says she hopes those are filled and that current tenants experiencing economic success are able to remain in Williamsburg Shopping Center.
“In its goals and initiatives, the City Council has identified midtown as an area they want to redevelop,” said Dewitt. “This is the largest property there and the council is very interested in seeing redevelopment.”
Dewitt said the city’s Economic Development Office is looking forward to working with Broad Street Realty. She said that while the sale was a private market decision, the Economic Development Office was a resource to potential buyers while the shopping center was listed for sale.
“The discussions we’ve had were ‘what’s allowed by zoning?’ And then we’ve talked about the council’s vision for the area. They would like to see an urban feel, density and vertical mixed use,” said Dewitt. “We’ve shared with [Broad Street] the council’s vision and the Economic Development Authority’s vision and we hope they move in that direction.”