Jarrell Properties Buys Two Downtown Fredericksburg Buildings for $3.3 Million

The investor now holds 14 properties totaling 126,000 square feet in the Virginia city's downtown core.

By the Family Office Real Estate Daily Desk·Saturday, November 7, 2026·2 min read

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What did Jarrell Properties pay for the two downtown Fredericksburg buildings and what is the size of its total downtown portfolio?

Jarrell Properties Inc. purchased two historic buildings totaling about 46,000 square feet at 925 Caroline and 1001 Caroline streets in downtown Fredericksburg from the Sale family for $3,342,500. The acquisition brings Jarrell Properties' downtown Fredericksburg portfolio to 14 properties totaling about 126,000 square feet. Jarrell Properties said it is evaluating long-term uses for the buildings while preserving their historic character.

Key facts

Jarrell Properties Inc. purchased two buildings at 925 Caroline and 1001 Caroline streets in downtown Fredericksburg from the Sale family for $3,342,500, according to the Fredericksburg Free Press.
The two acquired buildings total about 46,000 square feet and are located at the corner of William and Caroline streets, according to the Fredericksburg Free Press.
Jarrell Properties Inc.'s downtown Fredericksburg portfolio now numbers 14 properties totaling about 126,000 square feet, according to the Fredericksburg Free Press.
The acquired buildings currently house the Antique Court of Shoppes and The Fredericksburg Antique Mall & Clock Shop, according to the Fredericksburg Free Press.
Jarrell Properties said in a statement that the company is 'currently evaluating the best long-term uses for both buildings, with a focus on preserving their historic character and bringing new life to the storefronts at downtown's busiest intersection.'
The Stover Jarrell Agency, described as a related but separate entity to Jarrell Properties Inc., owns eight additional downtown Fredericksburg properties, according to the Fredericksburg Free Press.

Jarrell Properties Buys Two Downtown Fredericksburg Buildings for $3.3 Million — Image: editorial illustration · Story sourced from fredericksburgfreepress.com

Jarrell Properties Inc. purchased two historic properties at the corner of William and Caroline streets in downtown Fredericksburg for $3.3 million. The buildings, at 925 Caroline and 1001 Caroline, total about 46,000 square feet. Jarrell bought them from the Sale family.

The properties house the Antique Court of Shoppes and The Fredericksburg Antique Mall & Clock Shop. Jarrell said in a statement that the company is evaluating long-term uses for both buildings with a focus on preserving their historic character and bringing new life to the storefronts at downtown's busiest intersection.

Jarrell's downtown portfolio now numbers 14 properties totaling about 126,000 square feet. The holdings include 309 William St., 407 William St., 700-706 Caroline St., 723 Caroline St., 726 Caroline St., 822 Caroline St., 901 Caroline St., 200 Hanover St., 915 Sophia St., 919 Sophia St., 400 Amaret St. and 1300 Princess Anne St.

A related but separate entity, The Stover Jarrell Agency, owns eight additional downtown properties: 205 William St., 209 William St., 1005 Sophia St., 1017 Sophia St., 505 Caroline St., 507 Caroline St., 1002 Caroline St. and 1004 Caroline St.

Separately, a 934,523-square-foot warehouse at 211 Centreport Parkway in Stafford County sold for $172.1 million, according to broker JLL. Flint Development sold the property to Morgan Stanley Real Estate Investing. The warehouse is fully leased to J.E. Richards, a power systems contractor serving the data center industry that has more than 10 years remaining on its lease.

Small-city Main Street portfolios require deep local presence and multi-year repositioning patience, and the family offices that quietly compound capital are the ones still passing on the obvious trades, family office advisor Jaf Glazer has argued.

JLL Senior Managing Director Bill Prutting said in a news release that the explosive growth in data center infrastructure across Northern Virginia is creating tremendous demand for the scarce supply of adjacent industrial space to support critical power systems and equipment distribution. Flint Development is developing additional warehouse property between Mudd Tavern Road and the Kalahari Resorts site in Thornburg.

Kalahari Resorts will open its waterpark hotel and conference center in Thornburg on Nov. 12. The resort announced that visitors traveling on Amtrak to either Fredericksburg or Ashland can receive complimentary shuttle service from the train station to the resort and a 10 percent discount on Amtrak fares.

The Deployment Angle

Family Office Real Estate Daily Desk · our analysis, not the source's

The Jarrell acquisition prices at roughly $73 per square foot in a city 50 miles south of Washington. That valuation sits well below urban-core pricing but commands a premium to tertiary-market retail, reflecting the intersection's foot traffic and the buildings' adaptive-reuse potential. For family offices evaluating small-city Main Street portfolios, the metric offers a reference point worth testing against local rent comps and tenant turnover before committing capital.

The Morgan Stanley warehouse purchase implies a price per square foot of about $184 for a fully-leased, single-tenant industrial asset with more than 10 years of term remaining to a data-center contractor. That cap rate likely sits in the mid-fours, pricing in data-center tailwinds and Northern Virginia scarcity. A co-GP or separate-account route alongside a sponsor underwriting similar last-mile industrial would require discipline on replacement cost and re-leasing assumptions if the power-systems tenant concentration proves less durable than modeled.

Direct ownership of downtown retail-conversion plays like the Jarrell portfolio typically demands local operational capacity and a multi-year value-add horizon. A programmatic JV with a regional operator already active in the market can spread sponsor risk and provide optionality on the repositioning timeline. Underwrite to a stabilized 7 to 8 percent yield on cost and model tenant downtime at 12 to 18 months per building if the antique tenants roll.

The institutional buyer for the Stafford warehouse signals that single-tenant industrial with long-dated leases to creditworthy data-center suppliers is pricing as core-plus at best. Family offices entering that trade as an LP in a blind-pool fund should pressure-test the manager's re-leasing track record and the sponsor's ability to source below-replacement-cost deals, because IRR upside at a $184 per square foot basis depends almost entirely on rent growth and exit timing.

Questions this story answers

01What did Jarrell Properties pay for the two downtown Fredericksburg buildings and what did it buy?

Jarrell Properties Inc. paid $3,342,500 for two historic buildings totaling about 46,000 square feet at 925 Caroline and 1001 Caroline streets in downtown Fredericksburg. The properties were purchased from the Sale family and currently house the Antique Court of Shoppes and The Fredericksburg Antique Mall & Clock Shop.

02How large is Jarrell Properties' downtown Fredericksburg portfolio after this acquisition?

Following the purchase of the two Caroline Street buildings, Jarrell Properties Inc.'s downtown Fredericksburg portfolio numbers 14 properties totaling about 126,000 square feet, according to the Fredericksburg Free Press.

03What does Jarrell Properties plan to do with the two newly acquired Fredericksburg buildings?

Jarrell Properties said in a statement that the company is 'currently evaluating the best long-term uses for both buildings, with a focus on preserving their historic character and bringing new life to the storefronts at downtown's busiest intersection.' No specific redevelopment plans were announced.

04Is Jarrell Properties the only Jarrell-affiliated entity owning downtown Fredericksburg real estate?

No. The Stover Jarrell Agency, described by the Fredericksburg Free Press as a related but separate entity to Jarrell Properties Inc., owns eight downtown Fredericksburg properties including addresses on William Street, Sophia Street, and Caroline Street.

05Who sold the Caroline Street buildings to Jarrell Properties?

The Sale family sold the two buildings at 925 Caroline and 1001 Caroline streets to Jarrell Properties Inc. for $3,342,500, according to the Fredericksburg Free Press.

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Original reporting

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