Roanoke Plaza | 117,726 SF Retail Opportunity
Roanoke Plaza | 117,726 SF | Major Value-Add Opportunity | Virginia Enterprise Zone
Marketing description
CBRE is pleased to exclusively present for sale this 117,726-square-foot Property located in Roanoke, Virginia. Big Lots! occupies 29,726 SF at this site and has been a tenant since 2002, renewing their lease several times. The retailer currently has over 5 years remaining on a corporately guaranteed NN lease. Now operated by Variety Wholesalers, Inc., Big Lots! was acquired out of bankruptcy in 2025 and relaunched as a value-driven retail concept blending treasure hunt shopping, closeouts, and everyday low prices on name-brand merchandise. The revitalized chain will operate 219 stores across 15 states in the Midwest, Southeast, and Mid-Atlantic.
Investment highlights
Major Value-Add Opportunity
The 117,726 square foot Subject Property is currently 75% vacant, is priced on a per square foot basis, and represents a rare opportunity to substantially increases the NOI by leasing the existing 88,000 s/f of space, redeveloping the property entirely and/or potentially adding additional tenants on pad sites within the parking field.
Virginia Enterprise Zone Location
The subject property is located within one of Virginia’s “Enterprise Zones” which offer substantial financial and tax benefits for landlord’s who make major investments into real estate projects at both the state and local level. See pages 7 and 8 for more details on the benefits of the Enterprise Zones
Prominent Retail Corridor
Roanoke Plaza is situated amid a major retail pocket and is directly adjacent to national retailers such as Home Depot, Dollar Tree, Sportsman's Warehouse, Shewel's Home, Hardee's, Zaxby's Chicken and Circle K. The immediate surrounding area is a dense retail corridor along I-581 that is home to dozens of national retailers including Walmart, Target, Best Buy, Kroger, ALDI, Macy's, JC Penney, Lowe's, Ashley Furniture, Ross, Marshall's, Five Below, Starbucks, McDonalds, Walgreens, and Chick-Fil-A to name a few.
Surrounded by Complementary Uses
The Subject Property is adjacent to William T. Fleming High School (1,824 students) and less than 2 miles from Northside High School (912 students) and Round Hill Elementary School (745 students). Additionally, this site is less than 5 minutes from Roanoke-Blacksburg Regional Airport, which served nearly 300,000 passengers in 2022, and further supported by national hotel chains such as Hyatt Place, Holiday Inn, Residence Inn, Courtyard by Marriott, Hampton Inn, Best Western, Comfort Inn and more.
Dense and Growing Submarket
There are more than 139,000 residents within 5 miles of the Property and population density is projected to grow 0.71% within a 1 mile radius through 2029 and beyond.
Exceptional Regional Access
Roanoke Plaza is located at a major interstate interchange with easy access to I-581 and Hershberger Road with combined traffic counts over 84,000 VPD, just 3.5 miles from on/off ramps to I-81 with over 70,000 VPD and is within a logistics hub created by the convergence of several major highways and the Roanoke-Blacksburg Regional Airport.
Employment/Logistics Hub
In addition to being adjacent to logistics and cargo companies such as UPS, FedEx, Iron Mountain, PODS and Progressive Insurance, the Property is near some of Roanoke’s largest employer's including Kroger, Walmart, UPS and Roanoke County Schools, leading to a 22% increase in daytime population.
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