Williamsburg Crossing , which in the past was one of the area’s most popular shopping centers was acquired by LNR Partners Inc., a financial services provider for $5.3 million at a recent auction sale.
The buyer, a commercial real estate developer, was the original note holder for the property.
The single-story retail building at 5251 John Tyler Highway was completed in 1990 and totals 150,000 square feet.
The 17.3-acre shopping center is located at the intersection of John Tyler Highway and Route 199. According to James City County tax records, the property’s value is assessed at $6.6 million. It was owned by Williamsburg Crossing LLC; a company created by Calvin Davis
The property included two buildings. it is anchored by a Food Lion grocery store and is also home to Greenwood Christian Academy, Benjamin Moore Paints, a Fantastic Sams salon, Nails Uptown and others.
LNR Partners, LLC, the note holder began as an operating unit within Lennar Corporation, a national homebuilder (developer of Colonial Heritage). In October 1997, Lennar spun off LNR as a separately traded public company to distinguish it from Lennar’s homebuilding business and to maximize the respective values of its commercial property and homebuilding businesses. In February 2005, LNR was taken private .In 2010, LNR was recapitalized by a consortium of investors including Cerberus, Vornado, Oaktree, iStar, and Aozora.