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Trader Joe’s planned for Fredericksburg mixed-use after $29M land sales
The deal combines a 34.2-acre Ulmanor site sold for $27 million with two Briscoe Lane parcels totaling 3 acres, for more than $29 million in transactions.
Coldwell Banker Commercial Elite announced the sale of the 34.2-acre Ulmanor property in Fredericksburg, Virginia, for $27 million, along with two additional Briscoe Lane parcels totaling 3 acres, bringing the combined transactions to roughly 37 acres and more than $29 million, according to ConnectCRE.
The Ulmanor tract is described as one of the largest remaining undeveloped land parcels in the city. The site will be redeveloped into a new mixed-use project with multiple components.
ConnectCRE said three developers will oversee the project, with Greystar leading the multifamily development, Lennar handling the residential portion, and Regency Centers overseeing the commercial component that will also include a new Trader Joe’s.
In the announcement, Ben Keddie, CCIM, SIOR, of Coldwell Banker Commercial Elite, characterized the Ulmanor sale as an example of large-scale, institutional-quality investment expected to show up more often in the region.