JLL Capital Markets led the sales efforts for the 59,516-square-foot New Bern Marketplace in New Bern, North Carolina
News release
21 December 2022
Value-add retail shopping center in coastal North Carolina sells to new owner for $12.75M
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CHARLOTTE, Dec. 21, 2022 – JLL Capital Markets announced today that it has completed the $12.75 million sale of New Bern Marketplace, a 59,516-square-foot, value-add shopping center located in New Bern, North Carolina.
JLL marketed the asset on behalf of the seller, Columbia Development Group and Lubert Adler. Evans Best LLC acquired the asset and was represented by Meybohm Commercial.
The 81-percent-occupied property is leased to HomeGoods, Rack Room Shoes, Bath & Body Works, Domino’s, Wingstop, Sports Clips and more. The center is shadow anchored by Harris Teeter and sits adjacent to retailers, such as Ross Dress for Less, Hobby Lobby and Academy Sports. With 2.8 million total visits annually, New Bern Marketplace is the fourth most visited center within 30 miles.
Located at 3531 Martin Luther King Jr. Blvd., New Bern Marketplace is positioned along the area’s main retail corridor and is passed by approximately 37,500 vehicles per day. The center reaches a trade area of over 20 miles and is just four miles from downtown New Bern. Additionally, the property benefits from its proximity to other high-performing centers, including Rivertowne Square, McCarthy Crossing and New Bern Mall.
The JLL Capital Markets team representing the seller was led by Senior Director Tom Kolarczyk and Senior Managing Director Danny Finkle.
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 Evans Best LLC
Evans Best is a multi-generational investment firm focusing on acquisitions within the Sunbelt specializing in procuring opportunistic assets, unlocking intrinsic value and delivering superior risk-adjusted returns to investors.