JPI adds historic downtown property to portfolio
DOWNTOWN FREDERICKSBURG, Va. (May 31, 2024) – Jarrell Properties Inc., has acquired 706 Caroline St., built in 1824, this historic building has hosted many of tenants over the past 200 years; from a Prisoner’s Headquarters in 1825 to the current home of the Fredericksburg Visitor Center. This 5,272 square foot beauty is located at the corner of Caroline St. and Charlotte St., will be a perfect addition to JPI’s extensive portfolio of Historic Fredericksburg Properties.
The oldest records of the property indicate that Lawrence Washington, half-brother of George Washington, purchased the parcel in 1739. Though, the original structures on the property were lost in the Great Fire of 1822, following the fire, the current 706 Caroline St. building was constructed by Anthony Kale and utilized as a confectionary and grocery store for several years. In 1974, the building was purchased by the Historic Fredericksburg Foundation, Inc., as one of their first Revolving Property Fund projects. HFFI worked diligently to restore and preserve this historic landmark. HFFI sold the building to the City of Fredericksburg in 1976 for the Bicentennial Visitor Center. Danae Peckler, Preservationist, HFFI stated, “The Board of Directors at HFFI is pleased that JPI has purchased this historically significant and quintessentially Fredericksburg asset. The building’s architecture depicts a significant period of economic prosperity through its fashionable design and hand-crafted ornamental features, yet also provides insight into the lives of countless individuals who labored to create, sustain, and reshape it for generations. We can think of no better 200th birthday present for this Fredericksburg gem than Jarrell Properties’ investment in its future.”
With the construction of the Visitor Center’s new home in the City office building moving right along, the Fredericksburg Economic Development Authority located a buyer that would continue to protect and preserve the historic property. “The EDA is thrilled that a local family-run business will be the new stewards of the Historic Visitor Center Property, and we look forward to seeing the vision moving forward,” said Fredericksburg EDA Chair Suzy Stone.
“Purchasing this historic property is a testament to JPI’s commitment to preserving and protecting the history of this city. We are not only investing in an asset, but also in the legacy of Fredericksburg’s architectural and historical significance” said James E. Jarrell IV, Vice President. As part of this purchase, JPI has acquired the adjacent parking lot for future opportunities.
For more information regarding the purchase of 706 Caroline St., please contact Jeh Hicks, Director of Community Relations for Jarrell Properties Inc., at 540.899.3826 & jeh@jarrellinc.com.
About JPI
Jarrell Properties Inc., established in 1987, is a privately owned real estate construction and development corporation headquartered in Downtown Fredericksburg. JPI is actively involved in the Virginia real estate market in addition to owning a portfolio of unique, historic buildings in Downtown Fredericksburg.