Magnolia Martin with Coldwell Banker Commercial Elite recently brokered the sale of a 1.88 Acre retail pad site for $1.424 million. The parcel is located within the Cosner’s Corner Power Center at the entrance to the new Silver Collection apartments, directly across from Spotsylvania Regional Medical Center.
The property was purchased by Virginia Credit Union, Inc. who plans to build a free standing, full service bank with a drive thru. Virginia Credit Union will relocate from their current location in a multi-tenant building at 9951 Jefferson Davis Hwy in the Cosner’s Corner shopping center.
Recent Activity at Cosner’s Corner
In recent months real estate activity has been picking up at Cosner’s Corner and the surrounding area. Here is a list of some of the recent activity/transactions:
- The Silver Collection, a 274-Unit Luxury Apartment Complex was completed
- Bojangles purchased a 1.21 Acre Parcel (Oct. 2016) for $962,500
- Autozone has started construction on a new free standing store
- Medical Office Condos at Parkway Medical Office Building sold for $4.85 Million
Major Residential Growth
Furthermore, the surrounding area is experiencing a major housing boom. Within the past 24 months over 8,200 housing units have been approved for construction in Southeastern Spotsylvania County. Approximately 826 units including Overview Terrace (72), The Silver Collection (274 Apts), Station Square (added 100 Apts), HHHunt (280 Apts) and the Townhomes at Lakeside (100) were recently completed or near completion.
Three massive mixed use projects, Alexander’s Crossing (2,607 Units), Heritage Woods (1,604 units), and Jackson Village (2,270 Units), have been approved and plan to break ground on first phases of development within the next 12 months. Breeden will kick off the first phase of Jackson Village with 450 apartments in 2017. Other projects such as Palmer’s Creek are in initial planning stages and awaiting approval with plans to add additional 400+ apartments.
