The Harris Teeter is located on the main artery of the Outer Banks - Croatan Highway. Croatan Highway is the primary road that connects all of the towns of the Outer Banks, and as a result is the most heavily traversed road in the chain with the most highly trafficked retail. The Harris Teeter is extremely well located, essentially in the blurred boundary of both Kill Devil Hills and Nags Head, allowing the site to be easily accessed by both towns easily and conveniently. In addition, the location of the store on Croatan coupled with the density and close proximity of each town in the Outer Banks allows the store to draw from quite a wide footprint. Being a ground lease, the tenant spent a significant amount of its own capital developing the actual store, and as can be seen from the pictures it is architecturally and structurally high quality work. Knowing this and approximating the tenant's investment in the building gives the investor confidence that this is a long-term location for Harris Teeter. The store sales, which can be discussed upon execution of a confidentiality agreement, will affirm that long-term sentiment.
Harris Teeter, Inc. (NASDAQ: RDK) operates 206 stores in eight Mid-Atlantic and Southeastern states. Most of the upscale regional chains grocery stores feature sushi bars, gourmet delis and cafes. Over 100 of its supermarkets also have in-store pharmacies. Harris Teeter is expanding northward in the Mid-Atlantic with several new store openings and planned stores in the Maryland and Washington, DC markets, in addition to expansion in the stronghold.
Harris Teeter is a wholly owned subsidiary of Ruddick Corp., however Ruddick has fully transitioned to focus on the supermarket business after completing the sale of its other subsidiary American & Efird Thread Company in October 2011. Harris Teeter finished 2011 with nearly $4.4B in sales and a net worth of almost $1B.