106 6th St
Grottoes, VA 24441
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 Grottoes, 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 2,768 square-foot building is positioned along US Route 340, the principal north-south arterial road through the Shenandoah Valley, and is located approximately 8 miles east of Interstate 81, accessible via at VA-256. The property is situated approximately 5 miles from Shenandoah Valley Regional Airport in Weyers Cave, Virginia, which expanded its commercial service to include American Eagle jet routes to Charlotte and Chicago O’Hare in February 2026. Grottoes is home to Grand Caverns Regional Park, the oldest continually operating show cave in the United States and a federally designated National Natural Landmark, drawing consistent regional tourism activity to the trade area. The Harrisonburg Metropolitan Statistical Area - anchored by James Madison University with approximately 22,760 students, Sentara RMH Medical Center, and Merck & Co. - has demonstrated sustained population growth and a broadly diversi?ed employment base across education, healthcare, and manufacturing. The 5-mile trade area supports approximately 9,500 residents earning an average household income of approximately $103,000.
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.