Veranda Square COASTAL CAROLINA INVESTMENT OPPORTUNITY
EXECUTIVE SUMMARY Veranda Square
INVESTMENT ADVISORS
Blake R. Thomas Vice President | Capital Markets 919 420 1568 [email protected]
C. Grant Linderman II Vice President | Capital Markets 919 719 8194 [email protected]
DISCLOSURE
The information contained herein was obtained from sources believed reliable; however, Avison Young makes no guarantees, warranties, or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, changes of price or conditions prior to sale or lease, or withdrawal without notice. Investment Highlights VERANDA SQUARE | EMERALD ISLE, NC
The property is currently 100% leased and has FULLY OCCUPIED a strong track record of historical occupancy
Stable revenue in-place with minimal landlord FAVORABLE LEASE STRUCTURES responsibilities, generally limited to roof, structure and common areas
Current tenants include healthcare, tourism- DIVERSE TENANT MIX based goods and services and other commercial businesses
Inventory of commercial space on Emerald Isle LIMITED COMPETITIVE SET is less than 600,000 sf, with no new projects planned or under development
Per the Comprehensive Land Use Plan, the REDEVELOPMENT POTENTIAL property lies adjacent to the Emerald Isle Village East Mixed Use District
3 Property Summary VERANDA SQUARE | EMERALD ISLE, NC
VERANDA SQUARE
NORTH CAROLINA
Raleigh
Charlotte
7901-7905 Emerald Drive Emerald Isle, NC 28594 Wilmington Land Area: 1.00 ac Building Size: 13,850 sf Year Built: 1995
EMERALD ISLE
4 Property Map VERANDA SQUARE | EMERALD ISLE, NC
EMERALD ISLE
Bogue Inlet Dr.
Sound Dr.
Canal Dr.
±16,000 Vehicles Per Day Crew Dr. Emerald Dr Reed Dr.
ast Guard Rd. Co
5 Area Overview NORTH CAROLINA’S CRYSTAL COAST
North Carolina’s Crystal Coast is home to expenditures in 2017, a 3.05% increase an 85-mile stretch of beautiful coastline from 2016, while Onslow County saw just south of North Carolina’s famous approximately $231 million, an increase of Outer Banks. Featuring 56 miles of 3.78%, and Pender County saw $97 million, protected beaches, the Crystal Coast is a an increase of 5.14%. key element of the state’s rich maritime culture. Warm weather begins early in the The Crystal Coast has more than 100 spring and typically continues through restaurants, numerous hotels and November, attracting visitors from near countless beach cottages, which are and far to enjoy the coast’s beaches and especially popular in Emerald Isle and outdoor activities practically year-round. often rented out for a week at a time This popular seaside getaway receives during the summer. both tourists and second-home owners from the entire Southeast region and Diving and fishing are two activities that is especially popular with residents of attract visitors to the Crystal Coast. It is Charlotte, Raleigh and Wilmington due to one of the two spots in North America its proximity and ease of access. where the warm waters of the Gulf Stream approach the coastline, creating The state of North Carolina boasts a rich a “wreck diver’s dream” with near-perfect tourism industry, seeing a record $25.3 conditions, according to Scuba Diving billion in domestic traveler expenditures magazine. The North Carolina coast is in 2018, up 5.6% since 2017. The state’s known as the “Graveyard of the Atlantic,” coast draws a significant portion of these with more than 2,000 vessels recorded as tourism dollars; peak-season population sinking here. growth yields substantially increased revenue to the towns that make up the The proximity of the Gulf Stream also Crystal Coast and surrounding coastal makes the Crystal Coast a popular fishing communities. destination. The warm waters provide this area with the longest fishing season In the summer, Emerald Isle’s permanent on the Atlantic coast. One of the largest population increases by over 990% to fishing tournaments in the world, the Big approximately 40,000. Carteret County Rock Blue Marlin Tournament, is run from saw approximately $362 million in tourist Morehead City.
6 Source: Visit North Carolina Emerald Isle, NC Area Overview NORTH CAROLINA’S CRYSTAL COAST
Croatan National Forest
Western Crystal Coast Beaufort Down East Morehead City
Pine Knoll Shores Salter Path
Atlantic Beach Bogue Banks Harkers Island Indian Beach Emerald Isle Cape Lookout
7 Area Overview NORTH CAROLINA’S CRYSTAL COAST
On the western end of the Crystal Coast’s Bogue Banks you will find the charming town of Emerald Isle, boasting 12 miles of pristine shoreline and incredible views of the Atlantic Ocean and Bogue Inlet. Fishing along the Bogue Inlet Pier, laying on the white sand beaches, golfing at the Emerald Forest Golf Club, and biking along the town’s 13 miles of pathways are amongst the many activities Emerald Isle’s residents and visitors can regularly enjoy. Tourists can make themselves at home in any of the town’s thousands of rental properties, or in one of its welcoming inns or hotels.
This family-oriented community maintains a small-town feel but is home to over 3,700 permanent residents and a population of over 40,000 during its peak-season. Emerald Isle offers more than 75 public ocean beach access sites, more than 25 public sound access sites, a 43-acre soundside natural park, the North Carolina coast’s largest public boat launching facility, and nearly 7,000 housing units. Neighboring towns include Morehead City, Atlantic Beach, Cape Lookout, Beaufort, Pine Knoll Shores, Harkers Island, Salter Path, and Indian Beach, but Emerald Isle remains the Crystal Coast’s most popular beach town.
8 Emerald Isle, NC 9 Blake R. Thomas C. Grant Linderman II Vice President | Capital Markets Vice President | Capital Markets 919 420 1568 919 719 8194 [email protected] [email protected]