Strip Mall or NNN on 2 acres of vacant land in Fredericksburg, VA

[Jyoti Gupta]

My family owns about 2 acres of vacant land in Fredericksburg, Virginia. We would like to build some sort of commercial building on it. Right now we are trying to decide between a strip mall or some sort of NNN lease building. I've been trying to reach out to large companies to gain some interest in the location to gain some insight on what type of structure we should build, with no luck. The property has M1 zoning, so our options are a bit limited on who we can lease out to. This is what our city zoning department says:

M-1 Industrial Light.

The purpose of the M-1 district is to establish areas of the county to provide for certain types of business and industrial uses characterized by light manufacturing, fabrication, warehousing and wholesale distribution, which are relatively free from offensive activities and which, with proper performance standards, will not detract from residential desirability of adjacent properties. It is intended that the M-1 district encourage the development of parks for the location of these uses. These [This] district should be located only where all necessary public utilities are available and where transportation systems are adequate.

Uses permitted by right:

Aquaculture.

Automobile assembling, disassembling, painting, upholstering, repairing, rebuilding, reconditioning, body and fender work, truck repairing or overhauling, tire retreading or battery manufacture.

Building materials sales and service yards.

Commercial kennels.

Contractors equipment and storage yards.

Convenience center.

Convenience store.

Data and computer services centers.

Fleet parking.

Flex office.

General office uses.

Hotel.

Laboratory, research and testing.

Light industrial uses.

Light manufacturing uses.

Machinery sales and service.

Microbrewery in accordance with subsection 28-39(w).

Motor vehicle rental.

Parking and storage of tractor trailers.

Printing, publishing, engraving.

Public facilities/utilities but not including propane and heating fuel distribution facilities, generating facilities, substations, switching stations and wastewater treatment facilities which are permitted as a conditional use permit.

Public parking lot.

Public works excluding wastewater treatment facilities.

Railroad sidings.

Restaurants without drive-through.

School, vocational.

Selected indoor recreational enterprises within industrial parks.

Storage warehouse.

Veterinary clinic.

Vocational school.

Warehousing, mini-storage.

Welding or machine shops (including the use of punch presses not to exceed fifty (50) tons rated capacity).

Wholesale business.

Conditional use permit:

Adult business.

Airport, private.

Boat sales.

Brewery.

Clinic, medical and dental.

Communication facility.

Distillery.

Drive-through.

Dwelling for watchman or caretaker on-premises.

Low intensity commercial retail not otherwise listed.

Medium intensity commercial retail not otherwise listed.

Microbrewery, in accordance with subsection 28-39(w), with facilities for events such as weddings, parties, and/or events with two hundred (200) or more attendees.

Motor vehicle sales.

Other light industrial and manufacturing uses not otherwise listed for this district.

Place of worship.

Public facilities/utilities for propane and heating fuel distribution facilities, generating facilities, substations, switching stations and wastewater treatment facilities (except for the expansion or modification to a wastewater treatment facilities existing prior to October 17, 2006).

Recycling facilities.

School.

School, industrial.

Truck stop.

Vehicle fuel sales.

Here are some questions I have:

1. Should we secure lease commitments before contacting engineers/contractors?

2. What are some companies that could potentially be interested in leasing in this space in Fredericksburg, VA?

3. How to properly analyze ROI before construction?

I would appreciate any insight this community has to offer on a project like this! Thanks :)