The Palomar Group has arranged the $5.4 million sale of the Myrtle Ridge shopping complex, a grocery-anchored shopping center located at 1901 Highway 544 in Conway, just near the Coastal Carolina University campus.
According to the group’s website: The Palomar Group is a full service investment sales firm that specializes in the sale of income producing properties. The team has worked on over 10 million square feet of retail, office, and multifamily, having a hand in over $1 billion in transactions across 13 states.
The Palomar Group represented the undisclosed seller, a private shopping center owner, in the off-market transaction. The shopping center was never put on the open market for sale.
Both the undisclosed buyer and seller are private companies that primarily own grocery-anchored shopping centers throughout the Southeast.
The 59,240-square-foot Myrtle Ridge is anchored by Food Lion, Dollar Tree and Walgreens. Food Lion recently executed an early renewal at this location, taking its term to just under 10 years. The shopping center was 96 percent leased at the time of sale.