North Carolina Retail Center Changes Hands

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Cameron Street Partners has sold Emerald Plantation Shopping Center, a 102,539-square-foot grocery-anchored retail asset in Emerald Isle, N.C. JLL Capital Markets‘ Senior Director Tom Kolarczyk brokered the $12 million transaction on behalf of the seller, while Eastern Commercial Corp.’s President & Managing Broker Charlie Barzola represented the buyer.

The fully occupied facility is anchored by Food Lion, which has been at the location for more than 30 years. Other tenants include Shark’s Den Bar and Grill, Michelangelo’s Pizza, Rucker John’s and Elly’s.

Located at 8700 Emerald Drive, the center is situated along the Crystal Coast of North Carolina, in an area where the daily car traffic reaches approximately 19,000 vehicles per day. Completed in 1987, Emerald Plantation has an average of 523,000 visits per year, ranking in the top 16 percent among locations for overall traffic nationwide, according to the brokerage.

An array of beaches and entertainment venues are in the proximity of the property. Kolarczyk said in prepared remarks that, due to its positioning, the shopping center serves the growing tourist demand, while also representing a gathering spot for the local community.

Recently, JLL also brokered the $73.8 million sale of a 12-building, 364,000-square-foot retail center near Boulder, Colo. Walton Street Capital and a regional operating partner were the sellers of the 40-acre property.