11920-707 Murrells Inlet SC 29576

Jones Lang LaSalle, Inc., a North Carolina licensed real estate broker (“JLL”), has been retained as the exclusive sales representative for Prince Creek Village (“the Property” or “the Center”), an 18,035 SF essential retail shopping center shadow-anchored by Publix, the #1 most visited Grocer in the Southeast in 2020. The 100% occupied Property is located in Murrells Inlet, SC a popular tourist destination situated along the highly trafficked Highway 707 (22,500 VPD).

With an occupied GLA consisting of 44% medical, 33% service and 23% restaurant, the tenant lineup of this center caters to the surrounding and visiting demographic profile. Additionally, the Property benefits from rents that are below current market providing future mark to market potential and upside.

Prince Creek Village is situated in the #1 Fastest Growing City in the Southeast with a significant population growth of 30% since the 2010 US Census. In addition to the rapid population growth, the Myrtle Beach MSA continues to thrive with over 20 million annual visitors flocking to its beaches and attractions.

PUBLIX SHADOW ANCHORED

The Property is shadow-anchored by Publix, the most highly sought-after grocer in the Southeast, which drives consistent traffic to the Property.

DIVERSE INCOME STREAM & TENANT MIX

With an occupied GLA consisting of 44% medical, 33% service, and 23% restaurant, the tenant lineup of this center caters to the surrounding and visiting demographic profile.

STEADY CASH FLOW WITH SIGNIFICANT TENANT LOYALTY

Regenerative Chiropractic, Bagel Factory, Danny’s Authentic New York Pizza, Edward Jones & Co, Professional Rehab Services, & Fortune Place all recently renewed for 5 years accounting for 40% of the total income in 2023.

DOMINANT COASTAL MARKET

The Myrtle Beach area has seen massive growth with a 30% population increase since the 2010 U.S. Census. With over 20 million visitors annually, visitors generate over $7B in economic impact and are attracted to Myrtle Beach for its top beaches, golf courses, historic architecture, and vast acreage of wildlife preserve.

NEW DEVELOPMENT DRIVES DEMAND

The Property is surrounded by extensive residential development around the TPC Golf Course. These newly built high-end communities pass Prince Creek Village every time they enter and leave their respective communities on TPC Boulevard. Additionally, directly next to the Center is a brand new Senior Housing development, expected to open in 2023, that will also contribute to demand and visit count.

RENT INCREASES/UPSIDE POTENTIAL

Projected NOI Growth in the next 5 years is 6.5% through contractual annual rent increases. In addition, the majority of the tenants are at rents that are below current market providing future mark to market potential and upside.