Commercial lot sold at auction in Fredericksburg

People gather for Friday’s auction on the 1-acre lot being sold across from the Fredericksburg Home Depot store.

A 1-acre property across from the Home Depot store in Fredericksburg’s Gateway Village Shopping Center sold Friday to the family of a local real estate investor.

Hugh Cosner’s three granddaughters will purchase the commercially zoned vacant land, which is adjacent to Interstate 95, next to a Pep Boys store and near the entrance to the Idlewild subdivision. The sales price will be $247,500, and the deal will close within a month. The property is assessed at $353,400.

Nicholls Auction Marketing Group Inc. handled Friday’s auction, which attracted several bidders and many additional onlookers.

Cosner’s family will buy the land from Robert K. Duerden, who bought it from Home Depot Inc. in 2005. Home Depot still has restrictions on the land to prevent a competitor from locating there, and to make sure overflow parking doesn’t end up in its lot.

Here is a short video featuring company owner John Nicholls at Friday’s auction.

[youtube]http://www.youtube.com/watch?v=gvgBMVn7PNE[/youtube]

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