Tuesday, June 25, 2024

Williamsburg Crossing Sold for $4.6 Million

The sign at what used to be the main entrance to Williamsburg Crossing. (Gregory Connolly/WYDaily)
The sign at what used to be the main entrance to Williamsburg Crossing. (Gregory Connolly/WYDaily)

A James City County shopping center is under new ownership.

The Williamsburg Crossing Shopping Center was auctioned July 22. The winning bid was $4.6 million.

The identity of the winning bidder is not being released, as the closing process is ongoing.

Henry Buehrle, a sales executive with Auction.com, said the closing process could take around 90 days to be completed. Buehrle added the bid amount was not the final sale price, and said the figure could change.

The auction of the James City County shopping center was announced in early July, with a minimum starting bid of $1.8 million. The county has assessed the property at $6.2 million. The previous owner, CSFB 2002-CKS4 Tyler Highway LLC, purchased the shopping center for $5.3 million in 2012.

The shopping center features 149,872 square feet of retail space, and is currently 69 percent occupied. It is currently anchored by a Food Lion, which the property listing said experienced steady sales that meet regional averages.

Other stores located in the shopping center are Subway, Top’s China and Domino’s, along with Greenwood Christian Academy, a private school.

Williamsburg Crossing was constructed in 1989 at the intersection of Route 199 and John Tyler Highway, and was once the retail center of James City County.

As the Monticello Avenue corridor was built up in the early 2000s with the construction of Courthouse Commons, Monticello Marketplace, New Town, Settler’s Market and WindsorMeade Marketplace, multiple businesses abandoned Williamsburg Crossing.

The extension of Route 199 also contributed to the shopping center’s decline, as its main entrance was cut off and replaced with a new one farther down John Tyler Highway.

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