Forestbrook Village

Myrtle Beach, South carolina

 

Forestbrook Village is a 66,000 square foot 2008 construction Food Lion anchored Shopping Center in Myrtle Beach, SC. Food Lion is the leading supermarket in Myrtle Beach with nearly 25% market share, and this Food Lion performs well above average. The center sits directly off of Highway 501 - the major thoroughfare leading to beaches - and Forestbrook Road - a connector road to residential population. The combined traffic counts are approximately 85,000 vehicles per day. Forestbrook Village also benefits from an array of housing growth including the connected project Tuscany, a 600 door DR Horton development currently 50% built out with completion scheduled for 2015. In addition, Beezer Homes will add +100 homes in a nearby community in 2015 with total potential of over 500 hoems. This growth is reflected in the projected 14% growth rate to 3 mile radius ring of +30,000 people with average incomes approaching $60,000.

     PMAT was able to purchase this asset from an out of town owner with no other assets in the market in December 2014 at about 50% of the original basis. While the average Food Lion center is 92% occupied, Forestbrook was only 79% occupied. Along with the adjacent developable 7 acre out parcel (purchased at 20% of assessed value), Forestbrook Village represents a perfect value add opportunity for PMAT.