Sunday, December 1, 2013
Outer Banks Investment Group Acquires Hatteras Island Shopping Center
The Resort Group Purchases the Tarang Corner Shopping Center on Hwy 12
Waves, NC – Resort Group Holdings LLC, a diversified investment firm of real estate and businesses along the Outer Banks of North Carolina, recently announced the acquisition of the former Tarang Corner Shopping Center, located in Waves, NC. The shopping center is located along famed Highway 12, on scenic Hatteras Island, which is the only road on and off the island. The center is comprised of five separate retail/office spaces and totals 8,750 square feet.
A recent Hatteras Island Economic Impact Summary found total tourism for the area reaching expenditures of $204 million, occupancy receipts and taxes of approximately $111 million, and an overall brand value to the entire Outer Banks of $35 million. With so few professional retail centers located on Hatteras Island, the purchase of the former Tarang Corner Center was a real value opportunity.
“We are very pleased with the acquisition of this highly visible shopping center on popular Hatteras Island. Our group’s goal is to revitalize and enhance this rare professional Retail space and turn it into a thriving economic center for the Hatteras Island business community”, said Mike Harrington, CEO and Managing Director for Resort Group Holdings LLC.
The property is currently under its first phase of renovations with additional phases planned over the coming year. In addition the property will be renamed and rebranded.
About Resort Group Holdings LLC
Resort Group Holdings (RGH) is a diversified investment firm that owns and manages real estate and operating businesses along the Outer Banks of North Carolina, including its flagship company, Resort Realty, a high-end Vacation Rental Management and Real Estate Sales firm. RGH’s expertise extends into the Vacation Rental Management and Hospitality Industries, Real Estate Sales, Management, and Investment analysis, and Strategic Partnerships and Joint Venture creation. RGH’s market knowledge, infrastructure and creative financing solutions provide its partners and portfolio companies with a stable platform that facilitates long-term growth. RGH is actively looking for investments and partnerships in high growth areas along the Outer Banks that will create long-term value for our shareholders and partners.