Joe Pfahler with Coldwell Banker Commercial Elite has closed on the sale of a CVS NNN Ground Lease for $5,238,000. CVS will be operated as a 24 hour Pharmacy on the 2.8 Acre site at the Cowan Crossings Development in Fredericksburg, Virginia for an initial term of 20 years.
Cowan Crossings is a new commercial development by Silver Companies at the intersection of Cowan Boulevard and U.S. Route 1/Jefferson Davis Highway in the City of Fredericksburg. The 8+ Acre development will feature the CVS Pharmacy and First Citizens Bank, both of which are currently under construction. The First Citizens Bank is near completion and is planned to open by the end of September. A Burger King restaurant is planned and approved to be built on 1+ acre site between the CVS and First Citizens Bank.
Coldwell Banker Commercial Elite is also handling the leasing efforts on a planned 8,500 SF Multi-Tenant Retail Building at Cowan Crossings that is planned to feature a national quick service restaurant, coffee and other mix of retail uses. Vocelli’s Pizza has recently signed a lease for the Multi-Tenant Building for a 1,500 SF space. A 1 +/- Acre pad site also remains available for sale or lease.
A residential component is also planned at Cowan Crossings that will consist of a mix of Townhomes and Single Family home lots.
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