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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 adds 285 acres to local land holdings

An Arizona-based real estate investment group has added another 285 acres in Spotsylvania County to its large local land portfolio.

An affiliate of Walton International Group recently bought about 285 acres on the east side of Interstate 95 and the south side of the Spotsylvania Regional Medical Center from Hugh Cosner for $6.3 million, said Walton Regional President John Vick.

The property is contiguous and to the west of the 294 acres that Walton has bought within the past year along Massaponax Church Road. That gives the firm about 580 acres in that area.

Some of the land was part of the formerly proposed Summit Crossing development, though the most-recent purchase was not. Vick said Walton plans a mixed-use development there long-term.

Walton also owns about 378 acres off U.S. 1 just south of Lee’s Parke in Spotsylvania and 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.

The Spotsylvania Planning Commission is expected to take back up the Heritage Woods rezoning Aug. 7.

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. The company has not submitted any plans on the Stafford land.

Walton now owns a total of about 2,150 acres in the Fredericksburg area. The firm 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/2013/07/22/walton-adds-285-acres-to-local-land-holdings/