Outlets & Marketplace Williamsburg has been sold to Experimental Holdings, a Cincinnati-based commercial real estate investment group.
The shopping center along Interstate 80 was sold for $4,458,750, according to Iowa County assessor’s records. The seller was listed as SRE Hawkeye, LLC. The property has a total assessed value of $5,926,340.
Experimental Holdings also said it has selected global real estate advisory firm Avison Young, the previous property manager, to continue its work with the property, increasing its scope of services to include leasing and marketing services for the regional shopping center.
“Outlets & Marketplace Williamsburg is a tremendous addition to the Experimental Holdings portfolio,” Experimental Holdings real estate director Brett Connelly said in a release. “With a stellar location just off I-80, the center is poised for growth. By tapping into the vision and expertise of our reinvestment team, we expect to make valuable improvements that will create positive change and attract additional top-name tenants to the property.”
“By combining Experimental Holdings’ plans for the future of Outlets & Marketplace Williamsburg with the creative event programming and placemaking that Avison Young will bring to the table, we are looking forward to delivering an entirely new kind of customer experience for our guests,” added Kristie Wetjen, general manager of the shopping center. “We are excited to see what the future holds and how these experienced visionary teams will help maximize the center’s potential and make it an even stronger hub within the community.”
Marketplace and Outlets Williamsburg features more than 260,000 square feet of outlets and traditional retail stores with a mix of national and local tenants, including retail brands like Nike Clearance, Columbia Factory Store, Lee Wrangler Clearance Center, Under Armour, Eddie Bauer, Old Navy, Coach and Rack Room Shoes, along with popular eateries like McDonald’s and Arby’s, and local local tenants like Bryant’s Chill & Grill, Williamsburg Community Child Care, and farming and construction equipment retailer Cove Equipment.
Outlets & Marketplace Williamsburg is managed and leased by Avison Young, a global commercial real estate firm that provides transaction, property and project management, financial and advisory services across all sectors to owners and occupiers.
Experimental Holdings is a Cincinnati commercial real estate investment group with a core focus on asset acquisition, reinvestment, redevelopment and partnering opportunities. The firm has focused on reinvesting in underperforming commercial real estate assets.
The shopping center, formerly known as Outlets Williamsburg, changed its name to Outlets & Marketplace Williamsburg (OMW) in October 2022 under a new model aimed at catering to shoppers, interstate travelers and community residents.
Outlets Williamsburg first opened in 1991 as Tanger Outlet before being acquired by Singermann Real Estate in 2019.
