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Bill Freehling is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Bill Freehling.

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Walton buys part of Sherwood Farm in Stafford

A Canadian land investment company has now purchased part of the Sherwood Forest Farm property in Stafford County, according to a deed recorded Monday in Stafford Circuit Court. Jonas Beals had an article earlier this month about Walton Development and Management looking at buying the 884-acre farm along State Route 3 in southern Stafford from the Silver Cos. Walton is based in Calgary and buys property in fast-growing urban areas including Atlanta, Dallas and Phoenix.

According to the deed, Walton bought 354.7633 acres of the property for $3,547,633 ($10,000 an acre). The deed also includes a “negative pledge agreement” that appears to give Walton the exclusive right to buy the remaining 530 acres of the property sometime before April 1, 2011. Walton closed on the part of the property that is to the north of the rail line that runs through the land. The company has not yet purchased the land between State Route 3 and the rail line.

The Sherwood property, which is on the north side of State Route 3 near the county’s Little Falls Run wastewater treatment plant, is currently zoned agricultural. The Silver Cos. recently extended a sewer line through part of the property and built a sewage pump station.

Walton has expressed an interest in also buying an adjacent property. It has another parcel under contract in the immediate area but has not publicly identified it. Two possible candidates are the former Renaissance Faire site and the Springfield Farm property. Local developer Hunter Greenlaw Jr., who is one of the owners of the 306-acre Springfield Farm to the east of Sherwood, said Walton has approached him with interest in the land but said he couldn’t say any more. 

Tim Terrill, chief operating officer of Walton Development and Management, previously told Jonas that the property is attractive due to its proximity to Interstate 95 and its “position on the edge of a current growth area.” Walton has not started planning on the property. Terrill also told Jonas that Walton was looking at buying a total of 1,190 acres in that area, which equals the sum of the Springfield and Sherwood properties.

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Permalink: http://news.fredericksburg.com/businessbrowser/2010/10/26/walton-buys-part-of-sherwood-farm-in-stafford/

  • http://chuchfutzhugh@live.com Chuck Fitzhugh

    Does this acquisition include the original plantation house & site (60 acres I believe) or is that still ciontrolled by Silver?

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