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First Trader Joe’s Coming to Fredericksburg in $29M Development Deal
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 three 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 is one of the largest remaining undeveloped tracts of land in the city of Fredericksburg.
Three developers will build a new mixed-use project on the site. 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.
“Ulmanor is a great example of the kind of large-scale, institutional-quality investment we expect to see more of in this region,” said Keddie.
