450 W Main St
Covington, VA 24426
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 Covington, 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 two 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 10,234 square-foot building is positioned along W. Main Street (U.S. Route 60) in downtown Covington, the county seat of Alleghany County, Virginia. The property is placed at the center of the primary commercial and government services corridor for the Alleghany Highlands region. The subject property is less than 1 mile from I-64 Exit 16, the primary east-west interstate connecting Covington to Roanoke and the broader Virginia market. Smur?t WestRock’s Covington paper mill - one of the largest bleached paperboard manufacturing facilities on the East Coast and the dominant private-sector employer in the region with approximately 900 workers - is located three blocks from the subject property, providing a large, stable workforce that directly supports branch banking demand in the trade area. LewisGale Hospital Alleghany, a 204-bed HCA Healthcare facility, is located approximately 3 miles from the subject property. within a 5-mile radius, residents earn an average household income of approximately $66,000.
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.