Coldwell Banker Commercial Elite brokers more than $29 million in Fredericksburg development transactions

FREDERICKSBURG, VA – Coldwell Banker Commercial Elite announced the sale of the 34.2-acre Ulmanor property for $27 million, along with two additional Briscoe Lane parcels totaling 3 acres, bringing the combined transactions to 37 acres and more than $29 million. The properties were listed and sold by Allison Graves, CCIM, Ben Keddie, SIOR, CCIM, and Brian Cunningham, CCIM, of Coldwell Banker Commercial Elite.

According to CBC Elite, the Ulmanor property represents one of the largest remaining undeveloped land tracts in the City of Fredericksburg. The sale brings together three nationally recognized developers to create a significant new mixed-use project in the heart of Fredericksburg. Greystar will lead development of the multifamily component, Lennar will develop the residential portion, and Regency Centers will oversee the commercial component. The development will also include a new Trader Joe’s, bringing the highly anticipated retailer to the Fredericksburg market.

Adding another layer of complexity, the development required assembling two additional properties at 1700 and 1740 Briscoe Ln. to meet critical infrastructure needs for the project. The 2.185-acre property at 1700 Briscoe Ln. sold for $1.58 million, while the 0.815-acre property at 1740 Briscoe Ln. sold for $591,000. Together with Ulmanor, the transactions encompassed 37 acres with a combined value exceeding $29 million.

“Our clients had a clear vision for this property from the beginning, and reaching this point required persistence, collaboration and a shared commitment from everyone involved,” said Allison Graves, CCIM, senior sales associate with Coldwell Banker Commercial Elite. “What makes this project particularly exciting is the impact it will have beyond the property itself. The development will create an important connection between Cowan Boulevard and Fall Hill Avenue while introducing new housing and retail opportunities to the corridor. This is the type of thoughtfully planned project that will contribute to Fredericksburg’s continued growth for years to come.”