Coldwell Banker Commercial Elite has completed the sale of the Ulmanor property in Fredericksburg, a major land transaction that will clear the way for a new mixed-use development anchored by a Trader Joe’s. The 34.2-acre Ulmanor parcel traded for $27 million, and two additional parcels on Briscoe Lane totaling three acres were included in the broader deal. Combined, the transactions encompass approximately 37 acres and were valued at more than $29 million, according to the brokerage.
The Ulmanor tract is described as one of the largest remaining undeveloped sites within the city of Fredericksburg. Its scale and infill positioning make it a notable entry in the local land market, particularly as available large parcels inside city limits have become increasingly scarce. By bringing multiple parcels under a single development vision, the transaction sets the stage for a coordinated build-out rather than piecemeal site activity.
The properties were listed and sold by a Coldwell Banker Commercial Elite team consisting of Allison Graves, CCIM, Ben Keddie, SIOR, CCIM, and Brian Cunningham, CCIM. Their role covered both marketing and sale execution for the Ulmanor property and the Briscoe Lane parcels. The brokerage did not disclose additional pricing details beyond noting that the combined consideration exceeded $29 million.
Three developers are slated to participate in the mixed-use project now planned for the site. Greystar will lead the multifamily component, bringing its national platform to the residential rental portion of the development. Lennar will focus on the for-sale residential segment, adding additional housing options that are expected to complement the multifamily portion. Regency Centers will oversee the commercial aspects of the plan, including the retail segment that will feature a new Trader Joe’s.
The inclusion of Trader Joe’s marks a new entry for the grocer in Fredericksburg and is a key part of the commercial strategy for the project. While specific lease terms, store size, and timing were not disclosed, the grocery component is expected to serve both new residents of the development and the broader surrounding community. No additional retail tenants or uses were detailed in the announcement.
Commenting on the transaction, Ben Keddie of Coldwell Banker Commercial Elite characterized Ulmanor as an example of the type of large-scale, institutional-quality investment anticipated to become more common in the region. His remarks underscore the positioning of the project as a significant, multi-party investment rather than a single-use or small-scale development. Further details on construction phasing, delivery timelines, and project financing were not provided in the initial announcement.
