Investment Overview

Marcus & Millichap is pleased to present Braves Village Shopping Center, a 60,914 square foot Food Lion anchored center in Myrtle Beach, South Carolina. The subject property offers a synergistic mix of 10 service oriented tenants serving the Socastee community. Eighty two percent of the GLA is leased to national brands, including Food Lion, Rent-A-Center, Any Lab Test Now and Metro PCS. Dunkin Donuts and Burger King are outparcels to the property (not included in the sale). The property is stabilized with long standing tenants that pay low sustainable rents. Most of the leases provide for an annual increase. Investment grade Food Lion, with 65% of the GLA, has anchored the shopping center since 1985. Food Lion is the #1 ranking grocer in South Carolina. This location has an excellent health ratio/rent-to -sales (sales available with a signed CA). Braves Village Shopping Center is located in Socastee, an inland suburb within the Myrtle Beach MSA. The center is well positioned at the hard corner of a dominant intersection, across from highly rated Socastee High School, with over 1,700 students. It is 15 minutes from Myrtle Beach International Airport (MYR), the third busiest airport in the state with over 3.4 million passengers a year. The area has outstanding recent and projected population growth. Between 2010-2020 the population grew over 35% and it is projected to grow by a further 10% by 2028. According to the U.S. Census Bureau, Myrtle Beach consistently ranks among the fastest-growing cities in America. Myrtle Beach is one of the top vacation destinations in the country. It is known for its beaches and boasts more than 80 championship golf courses. Nearly 20 million people visit the area annually. It is also becoming a technology and entrepreneur startup hub, as several higher education institutions prepare and expand the workforce. To provide infrastructure for incoming tech companies in the area, a state-of-the-art data center and tech storage facility recently opened in Myrtle Beach. The offering is priced at $7,890,000 with a 6.75% cap rate, $129.53 per square foot, well below replacement cost.