J.C. PENNEY, KOHL’S, BEST BUY AND DICK’S SPORTING GOODS ARE AMONG ANCHOR TENANTS
Lender Directs Sale
of 268,691-Sq–Ft partially completed retail center on 223 acres
absolute through CBRE Auction Services
New York, NY – January 27, 2011 – (RealEstateRama) — Paul Galanis, Managing Director of CBRE Auction Services announced today that The Marquis at Williamsburg, a 268,691-square-foot partially completed retail center located at 196 & 500 Marquis Parkway in Williamsburg, VA, will be sold absolute regardless of price, in an open outcry auction on March 10, 2011.
Situated on 223 acres, the retail development is well -located at the intersection of Interstate 64 and Route 199 (Exit 242-B). The center features national, credit and/or category dominant anchor tenants including J.C. Penney, Kohl’s, Best Buy and Dick’s Sporting Goods. The center is also anchored by Target, which owns its site and is not included in the offering.
Mr. Galanis added, “This site offers an excellent opportunity for an investor to acquire an existing, institutional quality shopping center with the potential to build additional square footage. The infrastructure is in place and financed with development bonds to be assumed by the next owner.”
According to Douglas Johnson, Managing Director, CBRE Auction Services, “The lender is directing the sale of this property as they are not in the business of owning and developing real estate and has decided the most effective way to sell the property in a timely fashion is by auction.”
The Marquis at Williamsburg is located in a highly desirable location and the demographics are compelling– the population within a 10-mile radius of the Center has increased over 20% since 2000. The Hampton Roads Metropolitan area includes such well–known attractions as Virginia Beach, Norfolk Navy Base, Colonial Williamsburg, Yorktown Battlefield, Busch Gardens, Water Country USA and Kingsmill Golf Resort & Spa — site of an annual LPGA event.
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 be held by appointment only. CBRE representatives will be available to answer questions about the auction process and procedures, as well as the property. Detailed property information will also be available for review including the existing leases, purchase and sale agreement, tax information, and other applicable information. For this, and other information about the auction including the terms of sale and marketing materials, prospective purchasers should call CBRE Auction Services at 800-815-1038 or visit www.cbre.com/auctionservices.
CB Richard Ellis launched its real estate auction service in the United States in May of 2010. This new service expands the company’s capabilities for assisting lenders, investors and other owners in the disposition of commercial real estate assets. The group joins forces with CBRE experts within each business line to develop a comprehensive marketing program designed to achieve our client’s goals and sell the asset(s) on a date certain. Douglas Johnson, Paul Galanis, and Jeff Barrett lead the group. More information on CBRE Auction Services can be found at www.cbre.com/auctionservices
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2009 revenue). The Company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best in class” company for three years in a row. Please visit our Web site at www.cbre.com.
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Melanie Keenan
Senior Vice President
Rubenstein Associates
(b) 212 843-8092
(c) 917 574-8833
mkeenan (at) rubenstein (dot) com
