JLL Capital Markets arranged the sale of the 99,839-square-foot Harris Teeter Ground Lease at New Bern Marketplace
News release
07 November 2022
North Carolina supermarket sells to 1031 investor
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CHARLOTTE, Nov. 7, 2022 – JLL Capital Markets announced today that it has closed the sale of the Harris Teeter ground lease at New Bern Marketplace, a 99,839-square-foot supermarket located in New Bern, North Carolina.
JLL marketed the asset on behalf of the seller, Columbia Development Group and Lubert Adler. Bussel Realty represented Central Ave. Corporation, the Northeast based 10-31 purchaser.
The Harris Teeter at New Bern Marketplace is one of the most visited stores in the entire chain. According to placer.ai, there are over 2.8 million annual visits to the New Bern Marketplace and approximately 1.24 million annual visitors to the Harris Teeter, making it the eighth most visited store in the entire chain. Adjacent retailers include Ross Dress for Less, Hobby Lobby, Academy Sports, Five Below, West Marine and ULTA.
Situated at 3565 Martin Luther King Jr. Blvd., the supermarket is located along the highly trafficked Dr. Martin Luther King Jr. Blvd with 37,500 vehicles per day. Positioned along the area’s premier retail corridor, the center brings in regular customers from over 20 miles away with an average household income of $73,000. Additionally, downtown New Bern is just four miles away.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors Alex Sharrin and Danny Finkle, Senior Director Tom Kolarczyk and Director Jeff Cicurel.
“New Bern Marketplace is an exceptionally well-positioned, Class A development anchored by Harris Teeter. The sale of the Harris Teeter ground lease showcased the high demand for core, credit and long-term NNN assets. The reception was overwhelming, and we are thrilled with the outcome for both buyer and seller,” said Kolarczyk.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Columbia Development Group
Columbia Development is a privately held real estate development firm based in Columbia, South Carolina, with offices in Charleston, South Carolina and Raleigh, North Carolina.
About Lubert Adler
Founded in 1997, Lubert-Adler is a real estate private equity firm primarily focused on creating a portfolio of cash flowing rental assets, diversified across asset types and markets within the United States, by combining opportunistic acquisitions with value-added execution.
About Central Ave.
Northeast based 10-31 purchaser.