Grocery-anchored shopping center in coastal North Carolina sells

CHARLOTTE, Nov. 7, 2022 – JLL Capital Markets announced today that it has closed the $12 million sale of Emerald Plantation Shopping Center, a 102,539-square-foot, grocery-anchored retail center located in Emerald Isle, North Carolina.

JLL marketed the property on behalf of the seller, Cameron Street Partners.

Built in 1987, the 100-percent-occupied Emerald Plantation Shopping Center is anchored by Food Lion, an institutional quality grocer with a tenure of over 30 years. With 523,000 annual visits, the store ranks in the top 16 percent among locations nationwide for overall traffic. Established local tenants with a dedicated following include Michelangelo’s Pizza, Shark’s Den Bar and Grill, Rucker John’s and Elly’s. The center boasts over one million visitors annually.

Situated at 8700 Emerald Dr., the property is located along the Crystal Coast, an 85-mile stretch of North Carolina’s premier beaches with limited opportunity for new development. Emerald Plantation benefits from this location, representing approximately 11 percent of total retail inventory across the stretch. Additionally, the center is exposed to 19,000 vehicles per day along Emerald Drive and has access to an affluent customer base with an average home value of $662,208 within the zip code.

The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Director Tom Kolarczyk. The buyer was represented by Charlie Barzola with Eastern Commercial in Raleigh.

“Emerald Plantation appealed to a wide range of capital sources because of its irreplaceable location and unique tenant mix,” Kolarczyk said. “This Food Lion anchored property is a staple of the Emerald Isle community that draws over 1.3 million annual visits, is a community gathering spot for local residents and is well-positioned to serve growing tourist demand.”

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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