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.

Categories : Myrtle Beach

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