2911 Hershberger Rd NW · Roanoke, VA 24017 · Dollar / Discount
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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 increase NOI by leasing the existing 88,000 square feet of vacant space, redeveloping the property entirely, and/or potentially adding additional tenants on pad sites within the parking field.
The Subject Property is located within one of Virginia's Enterprise Zones, which offers substantial financial and tax incentives for landlords making significant investments in real estate projects at both the state and local levels. See Pages 7 and 8 for additional details regarding the benefits of Enterprise Zone designation.
Roanoke Plaza is situated within a major retail corridor and is directly adjacent to national retailers including Home Depot, Dollar Tree, Sportsman's Warehouse, Shewels Home, Hardee's, Zaxby's, and Circle K. The immediate surrounding area along I-581 is home to dozens of national retailers, including Walmart, Target, Best Buy, Kroger, ALDI, Macy's, JCPenney, Lowe's, Ashley Furniture, Ross, Marshalls, Five Below, Starbucks, McDonald's, Walgreens, and Chick-fil-A, among many others.
The Subject Property is adjacent to William Fleming High School (1,824 students) and is less than two miles from Northside High School (912 students) and Round Hill Elementary School (745 students). Additionally, the Property is located less than five minutes from Roanoke-Blacksburg Regional Airport, which served nearly 300,000 passengers in 2022. The area is further supported by nationally recognized hotel brands, including Hyatt Place, Holiday Inn, Residence Inn, Courtyard by Marriott, Hampton Inn, Best Western, Comfort Inn, and others.
More than 139,000 residents live within a five-mile radius of the Property. Population within a one-mile radius is projected to grow by 0.71% through 2029 and beyond.
Roanoke Plaza is located at a major interstate interchange with convenient access to I-581 and Hershberger Road, which have combined traffic counts exceeding 84,000 vehicles per day (VPD). The Property is also just 3.5 miles from I-81, which carries more than 70,000 VPD, and benefits from its location within a regional logistics hub created by the convergence of several major highways and the Roanoke-Blacksburg Regional Airport.
In addition to being adjacent to logistics and cargo operators such as UPS, FedEx, Iron Mountain, PODS, and Progressive Insurance, the Property is located near several of Roanoke's largest employers, including Kroger, Walmart, UPS, and Roanoke County Schools. These employment centers contribute to a daytime population increase of approximately 22%.
CBRE is pleased to exclusively present for sale Roanoke Plaza, a 117,726-square-foot retail property located in Roanoke, Virginia.
Big Lots! occupies 29,726 square feet at the Property and has been a tenant since 2002, having renewed its lease multiple times throughout its tenure. The retailer currently has more than five 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-oriented retail concept featuring a blend of treasure-hunt shopping, closeout merchandise, and everyday low prices on nationally recognized brands. The revitalized chain operates 219 stores across 15 states throughout the Midwest, Southeast, and Mid-Atlantic regions.
The Subject Property is currently 75% vacant, is priced on a per-square-foot basis, and represents a rare opportunity to substantially increase NOI through the lease-up of approximately 88,000 square feet of vacant space, a comprehensive redevelopment of the Property, and/or the addition of pad-site users within the existing parking field.
Roanoke Plaza is situated within a major retail corridor and is directly adjacent to national retailers including Home Depot, Dollar Tree, Sportsman's Warehouse, Shewels Home, Hardee's, Zaxby's, and Circle K. The surrounding trade area along I-581 is home to numerous national retailers, including Walmart, Target, Best Buy, Kroger, ALDI, Macy's, JCPenney, Lowe's, Ashley Furniture, Ross, Marshalls, Five Below, Starbucks, McDonald's, Walgreens, Chick-fil-A, and many others.
The Subject Property is adjacent to William Fleming High School (1,824 students) and less than two miles from Northside High School (912 students) and Round Hill Elementary School (745 students). The Property is also located less than five minutes from Roanoke-Blacksburg Regional Airport, which served approximately 756,000 passengers in 2024, and is further supported by nationally recognized hotel brands including Hyatt Place, Holiday Inn, Residence Inn, Courtyard by Marriott, Hampton Inn, Best Western, Comfort Inn, and others.
Roanoke Plaza benefits from exceptional regional accessibility, with direct access to I-581 and Hershberger Road, which feature combined traffic counts exceeding 84,000 vehicles per day. The Property is located just 3.5 miles from Interstate 81, which carries more than 70,000 vehicles per day, and sits within a strategic logistics hub supported by the convergence of several major highways and the nearby airport.
The Property is also surrounded by major logistics and service providers, including UPS, FedEx, Iron Mountain, PODS, and Progressive Insurance, and is located near several of Roanoke's largest employers, including Kroger, Walmart, UPS, and Roanoke County Schools. These employment drivers contribute to a daytime population increase of approximately 22%.
More than 139,000 residents live within a five-mile radius of the Property, with population density projected to increase by 0.71% within a one-mile radius through 2029 and beyond.
Roanoke is strategically located approximately 50 miles north of the Virginia–North Carolina border and 250 miles southwest of Washington, D.C., along the Interstate 81 corridor.
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Asking-market observation aggregated from public listing sources, last observed Sep 25, 2026. Figures are asking price and asking cap rate as published by the listing party, not a verified closed transaction. Lease terms shown where reported by the listing party and not independently verified. Shown for market reference only; this is not an offering. Investment Grade Income Property, LP represents buyers on a cooperating commission basis.