Marcus & 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.