1605 Jefferson Davis Hwy
Fredericksburg, VA 22401
Cowan Crossing - Starbucks Anchored Center · Retail Property For Sale

Pegasus Investments Real Estate Advisory Inc., as exclusive investment sale advisor to seller, is pleased to offer Cowan Crossing – a four-tenant strip center leased on a triple net basis to Starbucks (Drive Thru), Chipotle, and Jersey Mike’s Subs. The fourth tenant, Vocelli Pizza, vacated in Summer 2020. To guarantee the income stream to new purchasers, the seller has agreed to a one-year master lease of the former Vocelli’s Pizza space, providing the financial benefits of 100% occupancy while giving ample time to locate a replacement tenant. Given the property’s dominant location, strong co-tenancy, and elevated demand for quick service restaurants due to COVID-19 dining restrictions, the vacant unit should lease up quickly. (Note: Please inquire with listing broker for leasing status.) Cowan Crossing’s exceptional location along highly trafficked Jefferson Davis Highway is truly one of the property’s most dominant attributes. Located in Fredericksburg, a fast-growing, high-income bedroom community of Washington D.C., the property benefits from a strong local customer base as well as commuter traffic and the University of Mary Washington - which is located immediately across the street. The remaining tenancy is extremely stable, with both Starbucks and Chipotle backed by corporate leases and Jersey Mike’s Subs reporting strong sales volumes - significantly above national chain average. Cowan Crossing boasts such an enviable tenant roster largely due to its strategic position within the affluent and growing Fredericksburg market. Demographics featuring average annual household incomes just shy of $100,000 and 121,026 residents within 5-miles of the subject property within Spotsylvania County. Since 2010, the population density within 5 miles of the subject property has increased by 15% and the county’s population is projected to continue its staggering growth rates, with expectations of increasing population by 80% in the next 20 years.