ROANOKE, VIRGINIA, April 25, 2023 – Cushman & Wakefield | Thalhimer is pleased to announce that TPB Enterprises has broken ground on multiple development projects throughout the Roanoke Valley after acquiring properties throughout the region and securing prerequisite approvals for each respective project. Clay Taylor, CCIM of Cushman & Wakefield | Thalhimer’s Capital Markets Group, represented the developer in sale negotiations for these acquisitions. Thalhimer will also be retained for commercial leasing services.

Based in Lynchburg, Virginia, TPB Enterprises is an established development and construction firm specializing in ground-up residential and commercial projects. After developing over 1,000 apartments and over 150,000 square feet of commercial space with multiple notable mixed-use projects throughout the Lynchburg area, TPB made the strategic decision to expand its operations into the neighboring Roanoke market.

“After achieving notable success in Lynchburg, expansion into Roanoke was a logical next step,” said TPB Enterprises company representative Daniel Cyrus. “We have been pleased by the positive reception from local leadership, and we look forward to forging a lasting long-term partnership with these communities that will have a positive impact on the region for years to come.”

Currently in progress is the development of a 240-unit apartment complex located at 437 Roanoke Road in Daleville at the site of the former Howard Johnson. TPB Enterprises acquired the 6.45-acre hotel site as well as an adjacent land 3.61-acre parcel for an undisclosed amount in early 2023. Demolition of the former hotel is currently underway, with construction to follow immediately. The first apartment buildings are expected to deliver and ready for occupancy in early 2024. The development also includes a proposed commercial outparcel, currently available for ground lease or build-to-suit, located directly along Route 220 in Daleville.

Concurrently, TPB is developing three commercial tracts of land that it acquired in the fourth quarter of 2022 located at Orchard Marketplace Shopping Center, anchored by Food Lion, located at 110 Market Center Way in Daleville. Construction on one of the parcels, which is slated to be a Roadrunner Express tunnel car wash, is mostly completed. The car wash is expected to open by August of this year. Commercial buildings will be constructed on the other two parcels with exact specifications to be determined depending on the user. They are actively being marketed for lease for retail, office, or restaurant use, with further announcements expected soon.

In Roanoke City, TPB Enterprises has obtained all necessary approvals to construct a 768-unit apartment community, the largest multifamily development in Roanoke’s history, along with an associated mixed-use commercial development, both located along Orange Avenue/US Route 460 in Northeast Roanoke City at the intersection of Mecca Street NE. Roanoke City Council voted unanimously at the January 2023 meeting to approve the project, which includes rezoning for a planned-unit development as well as improvements to the signalized intersection at Mecca Street that will be paid for by the developer. Following the approval, TPB Enterprises subsequently acquired from multiple sellers the various land parcels associated with the development, including an assemblage of approximately 50 acres on the north side of Orange Avenue as well as approximately 2.25 acres on a parcel on the south side of Orange Avenue located at 2843 Orange Avenue at the property formerly occupied by Jersey Lily’s restaurant.

The Orange Avenue project, which will involve multiple phases of development over several years, is expected to break ground in late 2023. Development plans include three commercial outparcels, each between one to one and half acres, located along the project’s northern frontage with Orange Avenue accessed from the new signalized intersection to be constructed at Mecca Street. These three commercial outparcels will be made available for ground lease or build-to-suit construction for commercial tenants, together with the +/- 2.25 acre commercial parcel to the south of Orange Avenue, which will be made available following demolition of the former restaurant building.

About Cushman & Wakefield | Thalhimer
Thalhimer was founded in 1913 and currently has offices in Richmond, Newport News, Virginia Beach, Fredericksburg, Roanoke, Charlottesville, and Lynchburg, Virginia. The company has nearly 100 broker professionals and employs nearly 425 associates. Thalhimer represents, on behalf of its clients, a property portfolio of nearly 55 million leasable square feet, and management of nearly 30 million square feet of commercial property, and over 9,000 multifamily units. In 2022, Thalhimer completed over 1,900 transactions with a transactional volume of more than $2.3 billion. Thalhimer is the region’s leading provider of comprehensive commercial real estate services. The firm offers comprehensive commercial real estate services including corporate services, investment sales, tenant representation, project management, asset management, and the sale and leasing of office, industrial and retail properties.
To learn more, visit www.thalhimer.com.
Thalhimer’s Capital Markets Group is the region’s leading investment sales team made up of professionals focused solely on capital markets and the sale of income-producing properties throughout Virginia. The team is experienced in office, industrial, retail and multi-family dispositions and since 2012 has completed 358 transactions totaling over $5.34 billion and over 60 million square feet.

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About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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