FREDERICKSBURG, VA – Coldwell Banker Commercial Elite is pleased to announce 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 approximately 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.
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.
The transaction marks the culmination of an approximately two-and-a-half-year process from contract to closing. Transforming the property into a viable mixed-use development required an extensive rezoning process and close coordination among the property owners, development partners, brokers, local officials and other stakeholders.
Adding another layer of complexity, the development required the assemblage of two additional properties at 1700 and 1740 Briscoe Lane to accommodate critical infrastructure needs for the project. The 2.185-acre property at 1700 Briscoe Lane sold for approximately $1.58 million, while the 0.815-acre property at 1740 Briscoe Lane sold for approximately $591,000. Together with Ulmanor, the transactions encompassed approximately 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.”
The size and location of the property, combined with the extensive rezoning, additional land assemblage and complexity of coordinating multiple development uses, made Ulmanor a distinctive transaction within the Fredericksburg commercial real estate market. The partnership between Greystar, Lennar and Regency Centers creates an opportunity to develop the property as a cohesive project while bringing together residential, multifamily and commercial uses.
“The only way a project of this magnitude was able to reach the finish line was through the dedication, persistence and, most importantly, cooperation of everyone involved,” said Ben Keddie, SIOR, CCIM, of Coldwell Banker Commercial Elite. “The addition of Trader Joe’s is definitely the trophy that the community will celebrate, but when companies like Greystar, Lennar and Regency Centers are willing to make this level of commitment to our market, it speaks to how Fredericksburg is evolving and how much confidence there is in its long-term growth. Ulmanor is a great example of the kind of large-scale, institutional-quality investment we expect to see more of in this region.”
“Ulmanor was a truly unique transaction, not only because it represented one of the largest remaining undeveloped tracts in the City, but because of everything that had to come together to get it across the finish line,” said Brian Cunningham, CCIM, Senior Vice President with Coldwell Banker Commercial Elite. “Coordinating three development groups through an extensive rezoning and a two-and-a-half-year transaction required tremendous cooperation. Greystar, Lennar and Regency worked together to turn a complicated piece of real estate into a project that will have a lasting impact on Fredericksburg. After working in this market for many years, seeing Trader Joe’s come to Fredericksburg is especially rewarding. It has long been one of the region’s most requested retailers, making its arrival a real win for our community.”
The planned Trader Joe’s represents a notable addition to the project’s commercial component and fulfills a long-standing request among Fredericksburg-area residents. Combined with the new residential and multifamily development, the project is expected to create a new destination along the Cowan Boulevard and Fall Hill Avenue corridor.
For Coldwell Banker Commercial Elite, the closing reflects more than two years of work navigating the complexities associated with one of the City’s most significant remaining development opportunities. From the extensive rezoning and coordination of multiple development partners to assembling the additional acreage necessary to meet infrastructure needs, the transaction represents a significant milestone for both the brokerage team and the continued evolution of the Fredericksburg market.
About Coldwell Banker Commercial Elite
Coldwell Banker Commercial Elite is a full-service commercial real estate firm serving Fredericksburg, Stafford, Spotsylvania and the surrounding Virginia markets. The firm provides commercial brokerage, leasing, investment sales, land and development services, property management and strategic real estate advisory services to property owners, investors, developers and businesses throughout the region.
