301 Ashcake Rd
Ashland, VA 23005
Atlantic Union Bank · Retail Property For Sale

The Boulder Group is pleased to exclusively market for sale a single tenant net leased Atlantic Union Bank located in Ashland, Virginia. Atlantic Union Bank is currently operating on a long-term NNN lease through September 2040, with approximately 14 years of remaining term. The subject lease presents zero landlord responsibilities. Additionally, there are 1.50% annual rent escalations throughout the remaining primary term and three 5-year renewal options with 2.00% annual rent increases. The lease is backed by a corporate guarantee from Atlantic Union Bankshares Corporation (NYSE: AUB), the largest bank headquartered in Virginia. Atlantic Union Bank maintains a KBRA: A- investment grade credit rating.
The 7,074 square-foot building is positioned along Ashcake Road at its intersection with Washington Highway (US-1), which carries approximately 36,000 vehicles per day. The property bene?ts from its adjacency to the Ashland Hanover Shopping Center, a 226,000+ square-foot Food Lion-anchored community retail center with national co-tenants including Starbucks, Petco, Ace Hardware, Family Dollar, and Subway. The property is located approximately one mile from I-95, providing direct access to one of the East Coast’s primary interstate corridors. Ashland serves as the commercial center of Hanover County, which recorded a GDP of $9.23 billion in 2024 and maintains a diverse economy anchored by pharmaceutical, biotech, ?nancial services, and logistics employers. The 5-mile trade area is home to more than 34,400 residents earning an average household income of approximately $165,000, re?ecting the affluent character of the Richmond MSA’s north suburban corridor.
Atlantic Union Bank is a full-service regional commercial bank headquartered in Richmond, Virginia, and a wholly owned subsidiary of Atlantic Union Bankshares Corporation (NYSE: AUB). Following its April 2025 acquisition of Sandy Spring Bancorp, Atlantic Union Bank became the largest bank headquartered in Virginia, operating approximately 190 branches across Virginia, Maryland, and North Carolina with approximately $37.6 billion in total assets and reporting net income of $261.8 million in ?scal year 2025. The bank carries a KBRA: A- investment grade credit rating, affirmed in October 2025 with a Stable outlook.