Evans Best Acquires North Carolina Retail Asset – What is a Ground Lease?

, Evans Best Acquires North Carolina Retail Asset – What is a Ground Lease?, Robert Khodadadian

New Bern Marketplace. Image courtesy of JLL

Evans Best LLC has acquired New Bern Marketplace, a 59,516-square-foot, grocery-anchored shopping center in New Bern, N.C. JLL Senior Director Tom Kolarczyk and Senior Managing Director Danny Finkle brokered the $12.7 million transaction on behalf of the seller, a joint venture between Columbia Development Group and Lubert Adler, while the buyer was represented by Meybohm Commercial.

The big box power component part of the retail center traded in April and the ground lease of the 100,000-square-foot Harris Teeter supermarket part of the asset was acquired by Central Ave. Corp. for $18.3 million back in November. The same joint venture sold the components.

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The Harris Teeter-anchored retail center is currently 81 percent leased and in proximity to retailers Ross Dress for Less, Hobby Lobby and Academy Sports. The property’s tenant roster consists of HomeGoods, Rack Room Shoes, Bath & Body Works, Domino’s and Wingstop, among others.

Retail shows resilience for 2023

Attracting nearly 2.8 million visits on an annual basis, New Bern Marketplace is the fourth most visited shopping center within a 30-mile radius. The retail center’s anchor alone attracts roughly 1.2 million yearly visits, according to retail traffic data firm, Placer.ai.

Situated at 3531 Martin Luther King Jr. Blvd., at a 4-mile distance from downtown New Bern, the retail center sits in an area where the daily car traffic reaches approximately 37,500 vehicles. New Bern Marketplace is the go-to destination for residents living within 20 miles of the property.

According to recent PwC findings, retail transactions are likely to target higher-quality assets and strong locations with experiential retail options in the upcoming year. Future interest among retail investors will be significantly influenced by the “flight to quality” trend.

The post Evans Best Acquires North Carolina Retail Asset appeared first on Commercial Property Executive.

 Investment, News, Retail, South, Columbia Development, JLL, JLL Capital Markets, Lubert-Adler Partners LP 

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