NAI Global Lists Rare Outer Banks Land Acquisition

NEW YORK, NY AND COROLLA, NC / ACCESSWIRE / September 16, 2024 / NAI Global announces a rare land listing of 177+ acres for sale in North Carolina's Outer Banks, a region known to millions of Americans as a destination getaway that is largely comprised of multi-million-dollar homes, residential condominiums, resort hotels and supporting commercial development.

The unimproved land spans approximately 177+ acres on five parcels of varying sizes, two of which face the Atlantic Ocean providing direct beach access. Located near Corolla in Currituck County, the parcels are approved for a by-right development which allows for 1,250 hotel rooms, as many as 782 single-family-homes and nearly 428,000 square feet of commercial development. Municipal water and sewer are provided for each parcel.

Section T has the highest building height permitted in the Outer Banks. All of these sections have the right to rearrange density on a pre-approved basis. One of the parcels has the potential to build a marina/boat launch facility with water access to Currituck Sound, which is an allowed use under the development agreement with Currituck County.

The waterfront parcels are 82.6 acres and 44 acres respectively. The option exists for a buyer to develop one or more exclusive family compounds, or pursue a larger development as currently permitted.

"We don't see many properties like this come to market, especially for a remarkable resort area of the U.S. The buyer will have numerous options to build estate properties, exclusive resorts and income-producing commercial properties. Normally with land sales, one of those options may exist, but it is rare that all three options exist within a single acquisition," said Alex Waddey, President and CEO of NAI Global.

In addition to Alex Waddey and NAI Global's Capital Markets Team, the exclusive selling agents are Dean Geis, President of NAI Geis Realty Group, and the North Carolina Real Estate Broker is Robbie Perkins, CCIM, SIOR, Shareholder and President of NAI Piedmont Triad.

The for-sale listing is unpriced. It is believed to be the largest land listing of unimproved property with direct-Atlantic Ocean access in the Eastern U.S.

Approval has been obtained and plans are in process to build an additional bridge to serve the northern Outer Banks - called the Mid-Currituck Bridge, that would stretch across Currituck Sound. The bridge would be a 7-mile span connecting the mainland with the Outer Banks near Corolla, a short distance from Ocean Sands. This would substantially reduce travel time and

improve access. Currently, this area of the Outer Banks is served by the Wright Memorial Bridge on U.S. 158 at the southern end of Currituck County into Dare County - a region made famous by the Wright Brothers for launching the first successful flight of an aircraft, which took place near Kitty Hawk.

About NAI Global

NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 325 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 5,800 local market professionals, managing more than 1.1 billion square feet of property and facilities. Annually, NAI Global completes over $20 billion in commercial real estate transactions throughout the world.

NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. To learn more, visit www.naiglobal.com.

Contact:
Gary Marsh, Marsh Marketing 415.999.3793 or gary@marshmarketing.com

SOURCE: NAI Global