Walmart Shadow Center

Investment Highlights

WALMART SUPERCENTER SHADOW CENTER

• The property is a 32,023 SF Walmart Supercenter shadow-anchored retail center located in Covington, VA
• This center has a strong history of tenant performance and offers upside with 92% occupancy
• The center includes a complementary mix of e-commerce-resistant tenants with uses such as service, restaurants, liquor store, and more
• National brands include Dollar Tree, CATO, Shoe Show, and T-Mobile
• The center is shadow-anchored by a high-performing Walmart since 2007. Walmart owns the property

COVINGTON, VA
• Covington is an independent city in western Virginia, nestled in the Allegheny Highlands
• Located approximately 50 miles north of Roanoke and near the West Virginia border
• Known for its rich industrial history, scenic mountain views, and outdoor recreation opportunities
• Established in the early 1800s, Covington grew as a key center for the lumber and paper industries, with the WestRock paper mill remaining a major economic driver
• Home to the scenic Jackson River, Humpback Bridge (the oldest covered bridge in Virginia), and the nearby George Washington and Jefferson National Forests

MAJOR ECONOMIC DRIVER | WESTROCK PAPER MILL
• The Covington facility is recognized as the largest bleached paperboard mill on the
continent, continuously operating since its inception in 1899
• Annually, the facility produces around 950,000 tons of paperboard, using roughly
80% hardwood fiber sourced from a 150-mile radius, with a balanced mix of
pulpwood (53%) and wood chips (47%)
• Employing 1,000+ people, the mill injects about $328.4 million into the local
economy each year, while also contributing over $10 million in taxes to Covington
and Alleghany County.

HISTORY OF STRONG PERFORMANCE
• Average Tenant Tenure: 17.50 years
• 5 tenants have exercised options to renew since 2023

DOMINANT RETAIL LOCATION
• This shopping center sees 1.8M annual visits
• #1 visited shopping center in a 30-mile radius
• Center pulls from a 25+ mile trade area
• The Walmart and the Shops 20% of the retail with the town of Covington, VA