New Bern Marketplace-Super Regional Power Ctr

Highlights:

• Anchored by 6 National Credit Tenants: Ross/ULTA Beauty/Hobby Lobby/Five Below/Academy Sports/ West Marine - Corporate NNN Leases
• Attractive 4.99% Interest-Only Loan with 10-year term, offering a strong 7.80% cash-on-cash return.
• Long-Term NNN Leases with 6.5-Year WALT, built-in rent increases, and renewal options provide stable income and inflation protection.
• Regionally Dominant Center with no direct competition for over 20 Miles, strong anchors, and high visibility on a 30K+ VPD retail corridor.
• Affluent, Growing Trade Area with 119K+ residents and $96K+ average household income, supporting strong consumer spending.
• 100% Leased, NNN Asset with national tenants, passive management, and modern 2018 construction minimizing expenses and vacancy risk.

Description:

NORTH CAROLINA BROKER OF RECORD.... DARREN WOOD .... License No. 9359
Faris Lee Investments proudly presents a premier investment opportunity at 3553-3561 Dr. Martin Luther King Blvd., New Bern, NC. Positioned within a bustling super-regional retail corridor, this trophy asset stands out with its modern construction (built in 2018), exceptional visibility, and commanding tenant lineup. Located directly on Dr. Martin Luther King Jr. Blvd. with ±30,000 vehicles per day (VPD) and surrounded by critical arteries such as S. Glenburnie Rd., Trent Rd., and Hwy. 17, the property draws continuous exposure from a high-income, high-growth trade area, reinforcing its status as a dominant retail hub in the region.
Spanning 166,834 square feet, the property boasts a powerhouse roster of 6 national credit tenants, including Ross Dress for Less, Academy Sports + Outdoors, Hobby Lobby, ULTA Beauty, Five Below, and West Marine, all secured under long-term NNN leases. The weighted average lease term (WALT) is approximately 6.5 years (excluding options), ensuring stable, long-term income. Each lease features embedded rent escalations and multiple five-year options, providing strong inflation protection and future upside. Co-tenancy with a newly constructed 99,839 SF Harris Teeter and HomeGoods further elevates foot traffic and consumer draw, positioning the center as a premier retail destination serving a 30-mile trade area with no direct competition for its anchors.
The investment is further strengthened by a favorable loan assumption offering 10 years of interest-only payments at an attractive 4.992% interest rate. With a projected 7.80% cash-on-cash return, investors can expect superior yield and strong financial performance. Each tenant brings significant brand strength and national backing: Ross with 1,847 locations and $21.256B in revenue (BBB+ rated); Academy Sports with 301 stores; Hobby Lobby with $8.0B in annual revenue; ULTA posting $2.848B in Q1 2025 sales; Five Below with Q1 2025 revenue of $970.5M; and West Marine serving 247 stores nationwide. These tenants ensure consistent income backed by nationally recognized, financially robust operators.
This investment opportunity represents a rare chance to acquire a fully stabilized, 100% leased retail center in one of Eastern North Carolina’s most affluent and growing markets. With high household income at $96,343 within a 5-mile radius, low cost of living, and a trade population of over 119,253 people within 20 miles, the asset is ideally positioned for sustained consumer demand. All tenants operate under true NNN lease structures, minimizing landlord responsibilities and delivering passive income. Coupled with modern construction, excellent co-tenancy, and regional dominance, this opportunity offers investors strong in-place yield, durable cash flow, and long-term value creation in a thriving retail landscape.

New Bern is a vibrant riverfront city located near the North Carolina coast. The city grew in popularity after the American Revolution when many wealthy individuals settled in and began to develop the area. New Bern is the second oldest town in North Carolina and is predominantly known for being the birthplace of Pepsi Cola in 1893. Historic gems, boutique shops, inns, and a wide array of restaurants have made the area a social and cultural hub. Its population was 31,346 per the 2021 census. New Bern is conveniently sited at the junction of the Trent and Neuse rivers, where U.S. routes 17 and 70 pass through the city. The city also boasts breathtaking natural attractions such as Latham-Whitehurst Nature Park which contains 133 acres of pristine coastal land. The largest industries in New Bern are Health Care & Social Assistance (2,249 people), Manufacturing (1,613 people), and Accommodation and Food Services (1,513 people). The highest paying industries are Public Administration, Finance & Insurance, and Professional, Scientific, & Technical Services.