Atlantic Union Bank sells Fredericksburg building for $3.575M

The 21,594-square-foot property is located directly off U.S. Route 1.

Published January 17, 2020 by Sydney Lake

Atlantic Union Bank sold one of its Fredericksburg office buildings for $3.575 million but will continue occupying the first floor, leasing it from the new owner, Cushman & Wakefield | Thalhimer announced this week.

The 21,594-square-foot property located at 4805 Lassen Lane in Spotsylvania County is situated on approximately 2.24 acres located directly off U.S. Route 1. The building includes two floors and a built-out basement, said Will McGoogan, vice president of Thalhimer.

H&H Land Holdings LLC purchased the building from Atlantic Union Bank on Dec. 20, and the bank signed a long-term lease for its branch location on the first floor of the building as part of the terms of the sale. There were no other tenants in the building at the time of the sale, although the building is designed for multiple tenants, McGoogan says.

Atlantic Union Bank has four total locations in Fredericksburg, including the Lassen Lane location.

McGoogan, Jamie Scully, and Berkley Mitchell of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the seller.