Archive for Myrtle Beach

Jun
05

Myrtle Beach Hotel Sold for $45,075/Room

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mb hotelLodging Partners, LLC has announced it has arranged the sale of the Quality Inn & Suites Myrtle Beach, South Carolina. The 66-Unit, two-story Quality Inn & Suites Myrtle Beach is very well located directly across the street from the Atlantic Ocean and within walking distance to Family Kingdom Amusement Park, Splashes Water Park, and the Myrtle Beach Boardwalk. The Hotel, which sold for the $2,975,000 asking price, was acquired by a regional hotel investor.

Ford C. Barton, Principal, exclusively represented the seller, a locally-based group, on this transaction. “We have known and worked with the Seller over many years, and we’re delighted to have structured a very successful sale of this asset at the full asking price,” noted Ford Barton.

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Mar
01

Festiva Nabs Myrtle Beach Resort Golf Course

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golf soldFestiva Real Estate Holdings acquired Wachesaw Plantation East golf course in a transaction that includes the East Grill and Pub. Patton Hospitality Management (PHM), a resort management company based in Asheville, N.C., which currently manages the Ellington resort operations, will also be the management entity for the golf course and the grill. The asset traded for an undisclosed amount.

Located at 911 Riverwood Drive, just off Highway 17, on the site of a former rice plantation in Murrells Inlet, the Wachesaw Plantation East golf course is 20 minutes south of the Myrtle Beach International Airport. The facility is part of Ellington at Wachesaw Plantation East resort. Currently, PHM manages the resort, but the firm will also manage Festiva Real Estate Holdings’ new acquisition.

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Nov
01

Myrtle Beach Walmart Market Ground Lease Sold

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wal mart market soldBerkeley Capital Advisors has announced the sale of the Walmart Neighborhood Market Ground Lease in Myrtle Beach, SC for $7.86MM. Located at 3650 Walton Heath Drive, Walmart had 20 years remaining on the lease at time of sale. The asking cap rate was 4.5%.

Steve Horvath and Ransome Foose exclusively represented the seller in the transaction.

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Sep
28

Village At Myrtle Grove Shopping Center Sells For $9.5M

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Sold-Sign8A New York-based real estate investment and property management company recently bought The Village at Myrtle Grove on Carolina Beach Road for $9.5 million, according to a news release and a New Hanover County deed.

The Staples-anchored shopping center was one of three purchased by a Big V Properties limited liability company from Mount Pleasant, South Carolina-based Ziff Properties Inc.

“We like the Wilmington market,” said Jeff Rosenberg, CEO of Big V Properties and managing partner of Big V Capital, on Tuesday afternoon. “We think it’s growing and vibrant, and we’re looking forward to working within the market to bring some new tenants to the shopping center.”

The Village at Myrtle Grove, a 74,370-square-foot center in the 5500 and 5600 blocks of Carolina Beach Road, includes local businesses in addition to national tenants. The center was about 87 percent occupied at the time of the sale. Home Depot owns its portion of the property, a more than 100,000-square-foot building and about 10 acres, according to property tax records.

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Aug
02

Walmart Neighborhood Market in Myrtle Beach Sold

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wal mart market soldMarcus & Millchap, a leading North American commercial real estate investment services firm, has sold a Walmart Neighborhood Market ground lease in Myrtle Beach, South Carolina for a duration of 20 years.

The price of the sale is listed at $5.6 million.

“We generated significant interest and multiple offers by highlighting the asset’s strong Walmart credit and the attractiveness of the coastal Carolina market,” Don McMinn, VP of investments in the Atlanta office of Marcus & Millichap, said. “We closed with an all-cash California exchange buyer on a cap rate in the upper fours. This is the sixth Walmart Neighborhood Market sale we have arranged.”

The seller was represented by McMinn and Zach Taylor of the Taylor McMinn Retail Group. Both McMinn and Taylor serve as VPs of investments in the group’s Atlanta office. The buyer in the transaction is an all-cash 1031-exchange investor. The firm’s broker of record for the deal was Raj Ravi, regional manager of the Columbia office at Marcus and Millchap.

The property, located in Village Square in central Myrtle Beach, is a new grocery store covering 45,778 square feet. It is located in a 157,941-square-foot shopping center on U.S. Highway 17.

SOURCE

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Jun
30

Comfort Inn N. Myrtle Beach Sold

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comfort inn n myrtle beach scLodging Partners, LLC, a member of Hotel Brokers International, is pleased to announce they have arranged the sale of the Comfort Inn North Myrtle Beach, South Carolina. The 60-Unit, two-story Comfort Inn North Myrtle Beach is very well located within a short distance of major area attractions and had several rebranding opportunities. The Hotel, which sold for the $2,750,000 asking price, was acquired by an affiliate of Riviera Point Development Group and will be managed and operated by Coakley & Williams Hotel Management Company. The new ownership group has plans to reposition the property to a Country Inn & Suites in the fall of this year.

Ford C. Barton, Principal of Lodging Partners, LLC, exclusively represented the seller, an affiliate of locally-based SHIV Properties, on this transaction. “This was our second engagement on behalf of SHIV Properties, and we’re delighted to have structured for them a very successful exit at the full asking price in the sale of this asset,” noted Ford Barton.

LOOPNET LISTING HERE

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Jun
02

Myrtle Beach Mall to Launch $30 Million Redevelopment

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Myrtle Beach MallA well-located, 30-year-old mall is about to undergo a major overhaul and add a much-needed shopping, dining and entertainment alternative in the Myrtle Beach marketplace.

According to Misuma Holdings and Peak Financial Partners, Myrtle Beach Mall will launch a full redevelopment in 2017.

“This is one of the most under-utilized retail locations in Myrtle Beach,” said Allan Davidov, founder and partner of Misuma Holdings. “Nearly 400,000 residents live within in the trade area that boast more than 17 million annual tourists. We plan to take full advantage of the proximity to the intercostal and 95 area golf courses and deliver an open-air, engaging retail, restaurant and entertainment district. The intent is not to compete with the existing retail and entertainment in the market, but to offer a unique alternative.”

Gil Priel, president of Peak Financial Partners, added, “We are creating an environment to shop, eat and spend time for both permanent residents of the area as well as our tourists. We recognize the rapid growth in our area and want to maximize this prime location and make it a true destination.”

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Apr
28

Inland Acquires North Myrtle Beach Retail Center

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coastal town centerInland Real Estate Income Trust, Inc.  announced today the acquisition of the 311,313-square-foot Coastal North Town Center in North Myrtle Beach, South Carolina, located approximately 123 miles north of Charleston. Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, Inc., facilitated the purchase of the property on behalf of Inland Income Trust.

“We’re thrilled to add the newly constructed Coastal North Town Center to Inland Income Trust’s growing portfolio. Anchored by a 49,098-square-foot Publix, this center aligns with our strategy to acquire high quality grocery-anchored retail assets,” said Mitchell Sabshon, president and chief executive officer of Inland Real Estate Investment Corporation. “This well-located shopping center provides access to a host of restaurants, clothing retailers and necessity-based services to the 16 million consumers that visit Myrtle Beach each year.”

Constructed in 2014, Coastal North Town Center is located at Highway 17 and 11th Avenue. The shopping center is well-situated in a high-traffic retail row that draws approximately 33,880 consumers within a five-mile radius.

Coastal North Town Center was 93.47 percent leased, as of the acquisition date. In addition to Publix, tenants include Hobby Lobby, Dick’s Sporting Goods, Ulta Beauty, PetSmart, T.J. Maxx, Ross Dress for Less, Rack Room Shoes, Mattress Firm and a variety of restaurants.

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Apr
25

Myrtle Beach Apartment Rents on the Rise (video)

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Mar
03

Sticky Fingers in Myrtle Beach Sold at 7.25% Cap Rate

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MB sticky fingersBen Yelm and Andrew Margulies of Marcus & Millichap of the Carolinas recently sold the 6,411 square foot Sticky Fingers restaurant  located at the Coastal Grand Mall in Myrtle Beach, SC. The property was sold to a 1031 Buyer from New Jersey with new financing arranged by Dave Restivo of Marcus & Millichap Capital Corporation. Multiple offers were generated on the property from local, regional, and national buyers. The area is experiencing tremendous growth and the MSA is one of the fastest growing in the nation.

The sales price was reportedly $3,241,000 ($505.54/SF), with the NOI reported at $235,000. This indicates a year 1 cap rate of 7.25%. There are 10.25 years remaining on the lease term and the lease is absolute NNN.

Sticky Fingers has twelve locations in SC, NC, FL and TN.

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Feb
19

Higher-Priced Home Sales Up in Myrtle Beach

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MB mansionThe Grand Strand’s real estate year has started just the way you’d want in a healthy market, with a modest rebound in numbers of sales — up 2.6 percent in January over December for single-family homes — and a median price up 8.2 percent to more than $196,000, according to a monthly report from SiteTech Systems, which tracks the local real estate market.

Condo sales were down 3.9 percent during the month after a year of modest growth, the report said, but the median price rose 18.6 percent to $116,500 in January.

While homes priced between $121,000 and $500,000 all hit historic peaks for numbers of sales in 2015, at least some of the area’s real estate watchers are watching as well the strength of sales for homes priced at more than $500,000.

The numbers of upper-end homes sold are modest compared with lower-priced homes, but the annual percentage increase for sales of homes at $500,000 and above harkens back to the Wild West days of the last decade.

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Feb
16

‘Big Announcement’ for Grand Strand Economy Coming in April

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WMBFNews.com, Myrtle Beach/Florence SC, Weather

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Jan
27

Myrtle Beach Home Sales up 15.6% in 2015

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sales up graphHome sales in the Myrtle Beach area were up 15.6 percent for 2015, a continuation of steady increases over previous year sales that suggests the Grand Strand real estate market remains on steady ground.

Sales statewide were up nearly 11.7 percent, and 12 percent for the entire coastal Carolina region, which Realtors hope will carry over into 2016.

Nick Kremydas, CEO of South Carolina Association of Realtors, said “sustainable” is the word to define their hopes for this year.

“Overall, Realtors are pretty optimistic about the new year and don’t want the roller coaster ride of the 2000s, but we’re expecting a normal, solid, real estate market with healthy gains and healthy sales,” Kremydas said.

“Builders are starting to build again, prices continue to climb, days on the market continue to shrink, and that is almost exclusively tied to the limited inventory we are dealing with in our state,” Kremydas said.

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Jan
21

Wheeler to Buy 14 Centers from Piggly Wiggly Carolina

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sold signsWheeler Real Estate Investment Trust Inc. of Virginia has entered into an agreement to buy 14 shopping centers in Georgia and South Carolina. Wheeler is acquiring the properties for $71 million from Piggly Wiggly Carolina Co., a Mount Pleasant-based firm that sold 29 of its Piggly Wiggly supermarkets in 2012 to Bi-Lo and Harris Teeter. The Mount Pleasant company is a sister company to Piggly Wiggly. The deal is set to close Jan. 29.

Wheeler’s acquisition will include three Charleston shopping centers, as well as locations in Greenwood, Mullins, Bluffton, Georgetown, Pawleys Island, Lexington, St. Matthews, Columbia and Ridgeland in South Carolina and one location in Darien, Georgia. The combined properties make up more than 603,000 square feet and are 92 percent occupied, according to Wheeler Real Estate, which already owns 19 shopping centers in South Carolina.

 

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Jan
21

CCU Establishes Center for Real Estate and Economic Development

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coastal-carolina-university_2014-10-21_14-34-06.921A new center at Coastal Carolina University, established through a major gift from Tony and Carrie Grant of Murrells Inlet, will serve as an information hub for real estate and economic data. In recognition of their generosity, the center will be named the Grant Center for Real Estate and Economic Development and will be housed in CCU’s E. Craig Wall Sr. College of Business Administration.

The center will provide an industry-focused, collaborative environment where students, faculty members and the real estate industry can gain and share knowledge, information and international real estate business experiences. It will conduct and publish research on real estate and economic trends and host a variety of related events, serving as a bridge between CCU and the community. The center will also give faculty and students the opportunity to conduct applied research projects for local businesses, organizations and government agencies.

“The visionary gift provided by Tony and Carrie Grant will enable the Wall College to offer enhanced opportunities in the areas of commercial, industrial and residential real estate development,” said Barbara Ritter, Ph.D., Wall College of Business dean. “Through their extraordinary generosity, the Grants will touch the lives of many students, providing scholarships, internships, and international student exchange and study tours focused on real estate development. The opportunities afforded by the Grant Center will not only assist in attracting and retaining the highest caliber of students, but will also contribute to the Wall College’s growing reputation for preparing competitive students in a global market.”

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