Alleghany Square

Food Lion Anchor: In Virginia, Food Lion holds a 27.7% statewide visit share, making it the most-visited chain in the state.
Strong Grocery Sales: With roughly 3 years remaining on the lease, Food Lion reports sales in excess of $20M, posting a very attractive 1.4% rent to sales ratio.
Retail Market Growth: Covington VA’s retail market features a mix of established retailers and smaller businesses, with a focus on convenience and essential goods, and a recent surge in retail development.
Prime Retail Location: Well-situated in the epicenter of retail in Covington on South Craig Blvd, with superb visibility.
National Credit Tenants: Tenant roster at Allegheny Square is comprised of over 55% national credit retailers, facilitating overall stability at the Property, as well as buyer ability to secure more attractive financing.
Outparcel Draws: A diverse range of ancillary outparcel draws, including Wells Fargo, Verizon, Truist Bank, and Wendy’s, drives complementary foot traffic and enhances tenant synergy at the Property throughout the day.
Below Replacement Cost: Priced well below replacement cost with very strong grocery sales.
Recent Capital Improvements: New roof to be installed over CVS and O’Reilly’s section in the 2025 summer season; recent roof over Food Lion under warranty; parking lot for Food Lion re-surfaced in 2019.
Value-Add Opportunity: Potential for future lease-up and value-add investment growth with current occupancy at 64.25%.
Stability for Financing: Over 55% national retail tenant roster adds to the high-level stability of the Asset while facilitating buyer ability to secure more attractive financing.

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Broker of Record

Kyle Matthews