Investment Overview

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