Overview
Cushman & Wakefield | Thalhimer is pleased to present Crossroads, (“the Property”) an ±18.73-acre, infill development opportunity located within an enterprise zone in Roanoke, Virginia’s dominant retail trade area, central to thriving residential communities and adjacent to the Roanoke-Blacksburg regional airport.
Crossroads presents a rare opportunity to redevelop a landmark site with deep historical significance in Roanoke’s original retail trade area. Originally built in 1961 as Virginia’s first enclosed, air-conditioned mall—and only the fifth of its kind in the nation—Crossroads Mall has continuously evolved to meet the region’s growing demand. Today, the area remains a vibrant commercial hub, home to national brands like BJ’s, ALDI, Cook Out, McDonald’s, Truist, and Starbucks, all within the original Crossroads Mall footprint. This prime location offers a unique chance to reimagine a key piece of Roanoke’s retail history for the future.
Zoning at the nearly 20-acre site is the most favorable in Roanoke. Labeled Commercial Large Site, (“CLS”) the Property allows for a variety of by-right residential and commercial uses with liberal density requirements and few limitations. Conceptual plans detailed in this offering memorandum outline a number of potential redevelopment strategies including a neighborhood retail center consisting of a ± 50,000 SF anchor and 105,630 SF of small shops or a mixed-use development to include 390 apartment units, 50 for sale townhomes and 40,000 SF of retail.
Crossroads resides in Roanoke’s Northeast retail submarket which includes 6.9 million square feet of space and boasts a vacancy rate of 0.9%. The Property is within walking distance to major retailers Kroger, Lowe’s, Ross, Marshall’s, Aldi and BJ’s. Apartment unit inventory has grown over 9% since 2019 with 1,100 new deliveries. A testament to the health of the multifamily market, nearly 400 apartment units were absorbed in 2024 and rental rates have soared by nearly 30% over the last five years. Apartment vacancy dropped 110 basis points last year, down to 4.5%. Historically low retail vacancy and few apartment units scheduled for delivery in 2025, position the Property to deliver more retail and housing units to an area of need in the market.
Investment Highlights
EXCEPTIONAL REGIONAL ACCESS
- Strategically positioned approximately one mile from the Roanoke-Blacksburg Regional airport, Crossroads Center is easily accessible to primary connectors I-581 and I-81 making anywhere in the greater MSA accessible within 25 minutes.
IDEAL, FLEXIBLE ZONING
- The only developable site within the Roanoke city limits zoned “Commercial Large Site” (CLS), the Property allows for a variety of by-right residential and commercial uses with liberal density requirements.
ESTABLISHED COMMERCIAL TRADE AREA
- High traffic, infill location within Roanoke’s strongest performing retail submarket boasting a vacancy rate of 0.09% and immediately adjacent to national retailers including Kroger, Lowe’s, Ross, Marshall’s, Aldi and BJ’s.
UNIQUE REDEVELOPMENT/ REPOSITIONING OPPORTUNITY
- Most recently serving as the corporate headquarters location for Advance Auto, the once-enclosed mall has undergone significant interior renovations – a rarity for a vacant mall acquisition allowing for a variety of mixed-use/adaptive reuse repositioning and redevelopment options.
TOP OF MARKET DEMOGRAPHIC INDICATORS
- The Property boasts nearly 130,000 residents and a daytime population of over 157,000 within a 5-mile radius – over 7% growth since 2020.
UNPARALLELED OPPORTUNITY FOR VALUE CREATION
- Potential for a variety of exit strategies allows for future ownership to strategically create long term value.
