K&V Plaza
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K&V Plaza COASTAL CAROLINA INVESTMENT OPPORTUNITY EXECUTIVE SUMMARY
Transcript of K&V Plaza
K&V PlazaCOASTAL CAROLINA INVESTMENT OPPORTUNITY
EXECUTIVE SUMMARY
K&V Plaza
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.
Blake R. ThomasVice President | Capital Markets919 420 [email protected]
C. Grant Linderman IIVice President | Capital Markets919 719 [email protected]
INVESTMENT ADVISORS
DISCLOSURE
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� FULLY OCCUPIED The properties are currently 100% leased and have a strong track record of historical occupancy
FAVORABLE LEASE STRUCTURESStable revenue in-place with minimal landlord responsibilities, generally limited to roof, structure and common areas
DIVERSE TENANT MIXCurrent tenants include food and beverage operators, tourism-based goods and services and other commercial businesses
LONG TERM TENANCYNumerous recent renewals from long-term occupant providing nearly three years of weighted average in-place lease term remaining
LIMITED COMPETITIVE SETInventory of commercial space on Emerald Isle is less than 600,000 sf, with no new projects planned or under development
Investment HighlightsK&V PLAZA | EMERALD ISLE, NC
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Property Summary K&V PLAZA | EMERALD ISLE, NC
NORTH CAROLINA
Raleigh
Wilmington
Charlotte
K&V PLAZA
301-309 Mangrove DriveEmerald Isle, NC 28594
Land Area:Building Size:Year Built:
0.90 ac9,000 sf1980
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311-325 Mangrove DriveEmerald Isle, NC 28594
Land Area:Building Size:Year Built:
1.12 ac10,800 sf1986
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Emerald Dr Emerald Dr ±16,000 Vehicles Per Day
±16,000 Vehicles Per Day
Crew Dr.Crew Dr.
Canal Dr.Canal Dr.
Sound Dr.Sound Dr.
Reed Dr.Reed Dr.
EMERALD ISLEEMERALD ISLE
Property MapK&V PLAZA | EMERALD ISLE, NC
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Coast Guard Rd. Coast Guard Rd.
Bogue Inlet Dr.
Bogue Inlet Dr.
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North Carolina’s Crystal Coast is home to an 85-mile stretch of beautiful coastline just south of North Carolina’s famous Outer Banks. Featuring 56 miles of protected beaches, the Crystal Coast is a key element of the state’s rich maritime culture. Warm weather begins early in the spring and typically continues through November, attracting visitors from near and far to enjoy the coast’s beaches and outdoor activities practically year-round. This popular seaside getaway receives both tourists and second-home owners from the entire Southeast region and is especially popular with residents of Charlotte, Raleigh and Wilmington due to its proximity and ease of access.
The state of North Carolina boasts a rich tourism industry, seeing a record $25.3 billion in domestic traveler expenditures in 2018, up 5.6% since 2017. The state’s coast draws a significant portion of these tourism dollars; peak-season population growth yields substantially increased revenue to the towns that make up the Crystal Coast and surrounding coastal communities.
In the summer, Emerald Isle’s permanent population increases by over 990% to approximately 40,000. Carteret County saw approximately $362 million in tourist
expenditures in 2017, a 3.05% increase from 2016, while Onslow County saw approximately $231 million, an increase of 3.78%, and Pender County saw $97 million, an increase of 5.14%.
The Crystal Coast has more than 100 restaurants, numerous hotels and countless beach cottages, which are especially popular in Emerald Isle and often rented out for a week at a time during the summer.
Diving and fishing are two activities that attract visitors to the Crystal Coast. It is one of the two spots in North America where the warm waters of the Gulf Stream approach the coastline, creating a “wreck diver’s dream” with near-perfect conditions, according to Scuba Diving magazine. The North Carolina coast is known as the “Graveyard of the Atlantic,” with more than 2,000 vessels recorded as sinking here.
The proximity of the Gulf Stream also makes the Crystal Coast a popular fishing destination. The warm waters provide this area with the longest fishing season on the Atlantic coast. One of the largest fishing tournaments in the world, the Big Rock Blue Marlin Tournament, is run from Morehead City.
Emerald Isle, NCSource: Visit North Carolina6
Area OverviewNORTH CAROLINA’S CRYSTAL COAST
Area OverviewNORTH CAROLINA’S CRYSTAL COAST
Bogue Banks
Croatan National Forest
Indian BeachEmerald Isle
Salter Path
Western Crystal Coast
Morehead City
Pine Knoll Shores
Atlantic Beach
Beaufort
Cape Lookout
Harkers Island
Down East
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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.
Area OverviewNORTH CAROLINA’S CRYSTAL COAST
Emerald Isle, NC 9
Blake R. ThomasVice President | Capital Markets919 420 [email protected]
C. Grant Linderman IIVice President | Capital Markets919 719 [email protected]
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