JLL Capital Markets arranged the sale and acquisition loan for the fully leased center with a national tenant lineup in New Bern
JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for New Bern Marketplace, a newly constructed, fully leased, 166,835-square-foot regional retail center with a best-in-class tenant lineup in the coastal North Carolina community of New Bern.
JLL marketed the asset on behalf of the seller, Columbia Development Group and Lubert Adler. Additionally, working on behalf of the new owner, JLL placed the 10-year, fixed-rate acquisition loan with Wells Fargo.
New Bern Marketplace is home to a roster of six, high-performing, national tenants, including Academy, Ross Dress for Less, Hobby Lobby, Ulta Beauty, Five Below and West Marine. The center, which is shadow anchored by a popular Harris Teeter grocery store, is the No. 4 most visited shopping center within a 30-mile radius. According to placer.ai, the center logged more than 2.8 million total annual visitors, which includes 1.2 million visits to Harris Teeter.
Situated on 13.85 acres at 3553-3561 Dr. Martin Luther King Jr. Blvd., New Bern Marketplace is along the area’s premier retail corridor and is the only store location within a 30-mile radius, adding to an extended customer base that includes 111,118 residents earning an average annual household income of $72,716 within a 20-mile radius. New Bern is positioned 45 miles southeast of Greenville, North Carolina, is the second oldest city in North Carolina and the state’s original capital. Known for its travel and tourism industry, the city has a high quality of life and diversified economy.
The JLL Retail team representing the seller was led by Senior Managing Director and Co-Head of U.S. Retail Capital Markets Danny Finkle, Senior Directors Thomas Kolarczyk and Eric Williams and Director Ryan Eklund.
“New Bern Marketplace is an outstanding retail development with exceptional fundamentals and highly productive national retailers,” Kolarczyk said. “Columbia Development did a tremendous job cultivating a credit-worthy tenant lineup that serves the community.”
The JLL Capital Markets Debt Advisory team representing the new owner included Senior Managing Director Greg Brown, Managing Director Chip Sykes and Analyst Jordan Leake.
“Our Debt Advisory Team is highly appreciative of the opportunity to represent M.M.K. Pacific Petroleum and also thankful that the Wells Fargo team stepped up and provided such a strong execution,” Sykes added.
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 sales and 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.
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 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 in 2021, operations in over 80 countries and a global workforce more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
