North Carolina Retail Asset Trades in 1031 Exchange

Harris Teeter. Image by Gene Gallin via Unsplash

Central Ave. Corp. has acquired the ground lease of a 99,839-square-foot Harris Teeter grocery store in New Bern, N.C. JLL Capital Markets brokered the 1031 deal on behalf of the seller, a joint venture between Columbia Development Group and Lubert Adler. According to public records, the property traded for $18.3 million.

Located at 3565 Martin Luther King Jr. Blvd., the store is part of the New Bern Marketplace retail center, which boasts more than 2.8 million visits per year. Harris Teeter alone attracts roughly 1.2 million annual visits, according to placer.ai, making it the eighth most visited store in the entire chain.

Situated 4 miles from downtown New Bern, in an area where the daily car traffic reaches approximately 37,500 vehicles, the retail center serves residents living within a 20-mile radius of the property. Other tenants at the site include Ross Dress for Less, Hobby Lobby, Academy Sports, Five Below, West Marine and ULTA.

The JLL team involved in the deal included Senior Managing Directors Alex Sharrin and Danny Finkle, along with Senior Director Tom Kolarczyk and Director Jeff Cicurel. Earlier this month, JLL was involved in the $73.8 million sale of Harvest Junction, a 364,000-square-foot retail asset in Longmont, Colo.