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Evans Best LLC Acquires Retail Property On Martin Luther King Jr. Blvd In New Bern For $12.8M

Property Image
SOLD
$12,750,000
Thomas Kolarczyk
Danny Finkle

North Carolina

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Retail59 SF
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Property Image
SOLD

Evans Best LLC Acquires Retail Property On Martin Luther King Jr. Blvd In New Bern For $12.8M

3531 Martin Luther King Jr Boulevard, New Bern, North Carolina 28562, United States

See Similar Deals
Retail59 SF
Thomas Kolarczyk
Danny Finkle
the dealplayerscompscontact
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Summary

NORTH CAROLINA
Asset Type:Retail
Price Per Square Foot:$216,101
Total Square Footage:59 SF
Transaction Type:Sale

The retail property located at 3531 Martin Luther King Jr. Blvd in New Bern, NC has been sold for $12,750,000. The transaction took place on December 22, 2022. The property spans 59,516 square feet, resulting in a price per square foot of $214. The buyer is Evans Best LLC, while the seller is Columbia Development Group and Lubert Adler.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $12,750,000
  • Address: 3531 Martin Luther King Jr. Blvd, New Bern, NC
  • Market: New Bern, NC
  • Buyer: Evans Best LLC
  • Seller: Columbia Development Group & Lubert Adler
  • Brokers: Tom Kolarczyk & Danny Finkle - JLL Capital Markets
  • Square Feet: 59,516
  • Price per Square Foot: $214

The transaction was facilitated by brokers Tom Kolarczyk and Danny Finkle from JLL Capital Markets. They represented both the buyer and the seller in the deal.

Players

Danny Finkle
JLL
Danny Finkle
57 deals$3.9B volume
BROKER
Thomas Kolarczyk
JLL
Thomas Kolarczyk
10 deals$292.9M volume
BROKER
L
Lubert-Adler
SELLER
CG
Columbia Development Group
SELLER

Details

SOLD
IMAGE: Tom Kolarczyk & Danny Finkle DATE: 12/22/2022 ADDRESS: 3531 Martin Luther King Jr. Blvd MARKET: New Bern, NC ASSET TYPE: Retail BUYER: Evans Best LLC SELLER: Columbia Development Group & Lubert Adler BROKERS: Tom Kolarczyk & Danny Finkle - JLL Capital Markets SALE PRICE: $12,750,000 SF: 59,516 ~ PPSF: $214

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$679,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$45,298.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$60,441.50
Annual Debt Service$725,298.06