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

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Walton buys more land in Spotsylvania

An Arizona-based real estate investment group this month purchased another roughly 115 acres in Spotsylvania County, bringing the company’s total land holdings to about 1,850 acres in the Fredericksburg area.

An affiliate of Walton International Group bought two separate parcels along Massaponax Church Road. The parcels are contiguous with 179 acres that Walton purchased in late November from local home builder Tricord Inc. and an affiliated limited liability company called Denali Capital Group.

Walton will develop plans for the three pieces together, company officials say.

The land is north of Massaponax Church Road and just east of the Lancaster Gate subdivision. It was once part of Tricord’s planned Summit Crossing development, which stalled amid the housing downturn. It’s not far from the planned Virginia Railway Express station and the Spotsylvania Regional Medical Center, and is considered an area of future growth.

Walton bought about two-thirds of the new acreage from Douglas M. Simms for $1.61 million, and the remainder from Ray and Anne Brooks for about $798,000, according to Spotsylvania property records.

Last year Walton purchased about 375 acres off U.S. 1 just south of Lee’s Parke in Spotsylvania for about $11.6 million. The company has applied to rezone the property, which it is calling Heritage Woods. Plans call for a total of 1,060 residential units and a variety of housing types.

In 2010 and 2011 Walton spent about $21 million buying 1,190 acres in southern Stafford County along the north side of State Route 3 near the Little Falls Run wastewater treatment plant. Walton then sold shares in the land to Asian investors through a tenants-in-common arrangement. The company has not submitted any plans on the Stafford land.

Walton typically buys land in fast-growing areas after doing ample research and then waits for development opportunities. The firm doesn’t build the homes but rather sells properly zoned and entitled lots to builders.

Permalink: http://news.fredericksburg.com/businessbrowser/2013/02/13/walton-buys-more-land-in-spotsylvania-2/