Bussel Realty Corp Completes Purchase of 5183-5193 Highway 70W in Morehead City, NC

The AI Group of Bussel Realty Corp. (BRC) announced today that it has closed the sale of a newly constructed AspenDental, a freestanding 3,500-square-foot dental office. and HWY 55, a freestanding 3,300-square-foot burger restaurant, located in Morehead City, North Carolina.

Bussel Realty Corp Completes Purchase of 5183-5193 Highway 70W in Morehead City, NC
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    Bussel Realty Corp Completes Purchase of 5183-5193 Highway 70W in Morehead City, NC

    The AI Group of Bussel Realty Corp. (BRC) announced today that it has closed the sale of a newly constructed AspenDental, a freestanding 3,500-square-foot dental office. and HWY 55, a freestanding 3,300-square-foot burger restaurant, located in Morehead City, North Carolina.

    BRC represented the undisclosed buyer while Wertz Real Estate Investment Services represented the seller, Endurance Morehead City, LLC, in the transaction totaling $5,880,000.

    Situated at 5183-5193 Highway 70 West, the subject properties are located along the highly trafficked Highway 70 with 37,000 vehicles per day. The acquired properties sit as an outparcel to both Wal-Mart Supercenter and Lowe’s, serving an area with an average household income of $93,000.

    The AI Group of Bussel Realty Corp. was represented by Director of Asset Services, Matthew Phillips, and Vice President, Anthony Rittwager, and supported by Bishoy Said, Investment Specialist, and Wiola Szczyrbowska, Transaction Coordinator.

    “AspenDental and HWY 55 are exceptionally well positioned and welcomed tenants to the Morehead City area. We are excited to have overcome the challenges of being an outparcel to Walmart and Lowe’s, each of whom had to provide approval on the final as-built,” noted Rittwager. “The team worked diligently to also address the rent abatements for a late delivery of the building, to the benefit of both seller and buyer. Both parties successfully navigated unique challenges with creative solutions, resulting in a timely closing that achieved their respective objectives, including distinctive tax and investment goals.”

    About AI Group of BRC

    The AI Group of Bussel Realty Corp. (BRC) leverages their proprietary platform to optimize the equity of industrial landowners who want to transition their operations and equity into more passive assets, often driven by estate planning for generational wealth creation and preservation. The team has a deep understanding of both local and national markets, which allows them to deliver tailored solutions to meet the needs of their clients; the result of which benefits the clients by offering a diversified portfolio of real estate asset classes that optimizes capitalization rates, return on investment, and cash flow, while minimizing overall tax exposure.

    About Aspen Dental

    Aspen Dental is the largest and fastest-growing branded network of dental practices in the US, founded in 1998 by CEO Robert Fontana. They provide comprehensive care and aim to treat patients with compassion and respect in an honest, judgment-free environment. With more than 900 practices across 43 states, every practice is independently owned and operated by licensed dentists, supported by Aspen Dental Management, Inc. (ADMI), a dental support organization that provides non-clinical business support services. Aspen Dental has grown consistently since its founding in 1998, serving around 30,000 patients every day.

    About HWY55

    Hwy 55 started as a local American diner in North Carolina in 1991 and has now expanded to over 130 locations across 13 states. They offer Burgers, Cheesesteaks, and in-house made Frozen Custard while maintaining an authentic and humble feeling. Hwy 55 adapts to its customers while staying true to its mission and has received accolades such as the Best Burger in 2012 nationwide and being named a top 500 franchise in the US by Entrepreneur magazine. The addition of a drive-thru lane has helped Hwy 55 best serve its customers and continue to raise the bar.

    About Bussel Realty Corp.

    With one of the largest dedicated industrial brokerage staffs in New Jersey, Bussel Realty Corp. (BRC) is a leading industrial/retail real estate services firm located in Central New Jersey with individual memberships in the Society of Office & Industrial Realtors (SIOR). BRC provides leasing and sales brokerage services to users, corporate occupiers, landlords, retailers, owners, and investors, representing millions of square feet of property and tenant client assignments annually. The Advance Industrial Group (The AI Group) is a strategic team within Bussel Realty Corp.

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