$22.5 Million Multi-Tenant Net-Leased Asset C hanges Hands on the Atlantic Coast
MYRTLE BEACH, S.C., Oct. 15, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of The Blvd, a three-story, 42,472-square-foot multi-tenant-net-leased asset in Myrtle Beach, South Carolina. The property sold for $22,583,800, which equates to $531.73 per square foot.
“Myrtle Beach attracts millions of visitors annually and continues to rank as one of the fastest-growing family and vacation destinations in the nation,” said Judson Kauffman of Marcus & Millichap’s Manhattan office. “The Blvd satisfies an immediate market need by offering live music and high-quality food to travelers and residents.” Kauffman and Glenn Kunofsky, also in Manhattan, represented the seller and procured the buyer. Ben Yelm is Marcus & Millichap’s broker of record in South Carolina.
Constructed in 2018 on Myrtle Beach’s oceanfront, the property was 100% occupied at the time of the sale. Tenants include live music venue Tin Roof, Bandito’s Restaurant and Cantina, Starbucks, BurgerFi, and The General Store, among others.
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With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.