2012 S Croatan Hwy
Kill Devil Hills, NC 27948
Harris Teeter Ground Lease · Retail Property For Sale

Steve Horvath and Ransome Foose of Berkeley Capital Advisors are pleased to present for sale, Harris Teeter Ground Lease in Kill Devil Hills (Outer Banks), NC. We welcome your review of this attractive investment. Highlights are as follows: LONG TERM ABSOLUTE NET GROUND LEASE: An investor will benefit from a long term ground lease as 16 years remain on the 20 year ground rent term. Harris Teeter recasted a new 20 year term in 2012, showing commitment to the site. There are zero landlord responsibilities. OUTSTANDING TENANT INVESTMENT: Since the store opening in 2006, Harris Teeter has not only recasted a new 20 year term, but also has undergone an interior renovation to bring the store up to reflect a latest and best interior prototype model. Between that renovation, the original site work, the original building, and soft costs, Harris Teeter has invested upwards of $11MM in the real property, all above the investor's land rent based only on the raw land purchase. VACATION DESTINATION: The Outer Banks serves as one of North Carolina' s most popular tourist destinations as over 7MM visitors are attracted to the barrier islands each year. STRONG STORE SALES IN SEASONAL MARKET: Store sales at this site are extremely strong given the seasonality of the Outer Banks and that this store only has 5-7 months of a peak tourist season. Store sales exceed the Harris Teeter average unit volume. Please call Berkeley for more information. KEY LOCATION WITHIN MARKET | TOURIST TRAVEL ARTERY: Croatan Highway is the only route to travel through the popular destinations such as Kitty Hawk, Kill Devil Hills and Nags Head. 34,000 VPD pass this Harris Teeter site, which is located in a prime and popular tourist destination. EXCELLENT CORPORATE TENANT: Harris Teeter, a wholly-owned subsidiary of The Kroger Co. (NYSE: KR), was co-founded in 1960 by North Carolina grocers W.T. Harris and Willis Teeter. Harris Teeter operates over 230 stores and five fuel centers in seven states and the District of Columbia. HIGH BARRIERS TO ENTRY: It is now extremely difficult to build additional grocery stores in this land constrained and great area. Harris Teeter is well positioned location-wise to succeed for many years to come.