Build-to-Suit/Lease57,430 square-foot retail centerMyrtle Beach, SC
Red Rock Developments, LLC and EDENS, a prominent, national retail developer have partnered to co-develop Ocean Bay Market – a grocery anchored retail center ideally located within the Carolina Forest development in Myrtle Beach, SC. The center is anchored by a 45,555 square-foot Lowes Foods grocery store and an additional 11,875 square feet of retail space. Ocean Bay Market represents a significant and strategic investment by Red Rock Developments and helps to further assert Red Rock’s role as a prominent retail developer in the southeast. The center is owned by a wholly-owned subsidiary of Red Rock Developments and is financed through traditional short-term and long-term financing sources. Having developed a strong business rapport through partnerships on other transactions, EDENs selected Red Rock as its partner to move forward with the Lowes Foods development. EDENs had owned the existing site for a number of years and was looking for a partner to help execute the transaction and take ownership of the asset. Red Rock was able to procure the equity investment necessary for the project and arrange for long-term financing at attractive rates. Additionally, the development contains seven outparcels representing additional development opportunities.
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