Kings Fairground Plaza
Credit-Anchored Retail Center with Upside in Growing Southwest VA Market
Marketing description
Cushman & Wakefield | Thalhimer is pleased to present Kings Fairground Plaza, a 116,535 SF value-add retail center located in Danville, Virginia. The Property is 69% leased to a diverse and nationally recognized tenant lineup, including Ollie’s Bargain Outlet (NASDAQ: OLLI), Tractor Supply Co. (NASDAQ: TSCO), Dollar General (NYSE: DG), and City Electric Supply. With a weighted average remaining lease term of approximately 4.4 years and a history of long-term tenancy, the center offers durable inplace income supported by essential, traffic-driving retailers.
Ollie’s and Tractor Supply serve as anchor tenants, collectively occupying over 52% of the GLA and drawing consistent daily traffic. These tenants operate under successful, proven business models that focus on discount retail and rural lifestyle goods—both highly aligned with the surrounding demographic base. Other tenants such as Dollar General and City Electric Supply complement the anchor tenancy and enhance cross-shopping activity.
Located just 0.3 miles from Central Boulevard/U.S. 29 (22,000 VPD), one of Danville’s primary commercial corridors, Kings Fairground Plaza benefits from strong visibility, high traffic counts, and close proximity to nearby regional draws, including Piedmont Mall and several national big-box retailers. Danville’s continued revitalization efforts—including industrial investment, downtown redevelopment, and the forthcoming Caesars casino resort—further bolster long-term retail fundamentals.
With in place credit tenancy, significant value add opportunity and long‑term rent growth potential, Kings Fairground Plaza offers investors upside while enjoying stable in-place cash flow and a significant discount to replacement cost in a strengthening Southern Virginia market.
Investment highlights
Danville serves a 100,000+ regional trade area spanning Southern Virginia and Northern North Carolina, with a business‑friendly environment and cost of occupancy below national averages.
$650M Caesars Virginia Casino Resort is projected to bring 2.5M+ annual visitors and 1,300+ new jobs, supported by $100M+ in public‑private downtown revitalization since 2019.
Anchored by Ollie’s and Tractor Supply—with their next closest locations 29.3 and 11.0 miles away respectively—the property benefits from limited nearby competition as retail vacancy tightens and just 18,000 SF has been delivered across key corridors in the past decade.
In-place rents are 33.9% below market, offering a meaningful mark-to-market upside, while the property’s rare large box vacancy uniquely positions it to attract expanding regional and national tenants.
Pricing at a significant discount to estimated replacement cost provides an attractive basis and strong downside protection.
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