Joe Pfahler with Coldwell Banker Commercial Elite recently brokered the sale of a 13,900 SF multi-tenant retail building for $4.6 million. The building is located within the Cosner’s Corner Shopping Center at 10059 Jefferson Davis Hwy, Fredericksburg, VA 22407. The property is 100% leased to tenants including Panera Bread, Avail Vapor, Blue Pearl Nails & Spa, and a Barber Shop.
Joe Pfahler played an instrumental role in positioning the building for the sale by negotiating the new leases at the property totaling 6,150 SF (or 45% of the Gross Leasable Area). Pfahler handled lease negotiations with Blue Pearl Nails & Spa when Huntington Learning Center vacated and also negotiated the lease with Avail Vapor when former tenant, RadioShack, decided not to renew their lease. Panera Bread also expanded their space within the building, while adding a drive thru thereby extending the lease term. The new leases and extended term from the anchor tenant greatly enhanced the overall value of the asset and its marketability.
Joe Pfahler represented the seller, G & S Lantier Properties LLC, and Geoff Lindsay with Capital Realty Advisors represented the Buyer, GPAC Properties, LLC, in the sales transaction.
About Cosner’s Corner
Cosner’s Corner is the largest mixed-use development in Spotsylvania County, VA with nearly 1MM sf of operating retail and office space with large anchor tenants including: Target, Kohls, Petsmart, Dick’s Sporting Goods, Marshalls, Ross and much more. The development is also home to Spotsylvania Regional Medical Center: a 126 bed hospital, Poet’s Walk: an 80 bed memory care facility and Station Square: a 280 unit Luxury Apartment Community. Further growth is planned and approved at Cosner’s Corner to include a 274 luxury apartment community and the expansion of Station Square with an additional 100 apartment units.
About Coldwell Banker Commercial Elite
Coldwell Banker Commercial Elite provides brokerage services, property management and development consulting for commercial real estate throughout Virginia and the metropolitan Washington, D.C. area. Coldwell Banker Commercial Elite is a premier provider of real estate services and is a leader in the local and state commercial real estate industry. Our network of brokers serves the needs of owners and occupiers in the leasing, acquisition, disposition, structured finance and management of all property types.
About Coldwell Banker Commercial
Coldwell Banker Commercial Affiliates is a worldwide leader in the commercial real estate industry. The Coldwell Banker Commercial organization is part of the oldest and most respected national real estate brand in the country, Coldwell Banker Real Estate. The Coldwell Banker Commercial system is comprised of approximately 3,000 sales agents working in approximately 200 companies. Each office is independently owned and operated. Coldwell Banker Commercial Affiliates is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.
