Columbia Development Group and Lubert Adler have sold 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.
The financial terms were not disclosed; however, JLL Capital Markets closed the sale of and arranged acquisition financing for New Bern Marketplace. 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.
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