Outer Banks Commercial Real Estate Newsletter: December 2020

OBX CRE Spotlight

Bobby Harrell

Owner/Broker, Harrell & Associates

• Lived in Manteo, NC since 1981
• Married to Deloris Harrell
• Two daughters, Kate and Tess Harrell, who work in the family business  
   

How long have you been working in commercial real estate?

37 years

How did you first get into real estate?

I grew up on a family farm in eastern North Carolina, and actively farmed for 10 years after graduating from NC State in 1971. In 1981 I became involved in managing and developing farmland for European investors and insurance companies. My experience in management and development led to the opportunity to do consulting work in Saudi Arabia and during that time, in 1983, I obtained my broker's license.

The development and commercial side of the business was most appealing to me so, even though our company is full-service, I have focused mainly on the commercial side during my career.

What was your first CRE transaction?

What was your most memorable CRE transaction?

What's your favorite part of working in CRE?

What’s the biggest misconception about CRE?

That it's easy work with big money pay days. One transaction, due to a recession, was tied up for 12 years.

 

 

How would you describe the commercial real estate market in northeastern NC and the Outer Banks?

The commercial real estate market in Eastern NC and the Outer Banks is definitely evolving. The northern portions of Currituck County and the Elizabeth City areas are attracting more regional and national tenants. While the Outer Banks has attracted some national tenants, we are now beginning to see more interest, due to the extended tourist season of the area, as well as a growing year-round population.

 

After a very strong 2020 season, despite a later start and pandemic restrictions, I believe the Outer Banks finds itself in a desirable position for future development.

Can you share one great piece of advice for someone looking to buy/lease commercial property or land?

What is your favorite thing about the Outer Banks?

What's your favorite way to spend your free time?