The Market Common Myrtle Beach

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The Market Common Myrtle Beach
Myr-marketcommon-commerce.jpg
Market Common
Location Myrtle Beach, South Carolina, U.S.
Coordinates Lua error in package.lua at line 80: module 'strict' not found.
Opening date April 2008
Developer McCaffery Interests
Owner BEI-Beach LLC
Architect Antunovich Associates
No. of stores and services 48
Website www.marketcommonmb.com

The Market Common Myrtle Beach is a 114-acre (0.46 km2) lifestyle center located in Myrtle Beach, South Carolina. It is part of the Myrtle Beach International Airport complex that became civilian after the closure of the Air Force Base that was shared with the airport. It is located near the Myrtle Beach International Airport. It competes mainly with nearby shopping complexes Coastal Grand Mall and Broadway at the Beach. With a 'town like' atmosphere, the center has townhomes, small stores and restaurants, a movie theater, and a grocery store. There is also a charter school on location, named Palmetto Academy of Learning and Success, or PALS. This school is open to student in preschool through 8th grade.

The main complex, opened in 2008, has over 370,000 square feet (34,000 m2) of shops, nearly 24,000 square feet (2,200 m2) of offices and 195 residential units.[1]

Many streets are named after former MBAFB Wing and Base Commanders, or other notable Air Force members who were assigned to the base. Also scattered throughout Market Common are small memorial information signs noting historical facts about the base.

Popular stores at the center include Pottery Barn, Barnes & Noble, Piggly Wiggly, Williams-Sonoma, and White House Black Market. Popular restaurants include P.F. Chang's, Gordon Biersch and Tommy Bahama.

Market Common in 2011 became part of the new course for Myrtle Beach Marathon XIII as turn off south Kings Highway, as runners on both the Bi-Lo Marathon (SC10008BS) and Dasani Half Marathon (SC10009BS) will run through the area as kilometers 8-12 of both courses.[2][3]

Foreclosure and sale

On May 11, 2010, JPMorgan Chase claimed in a foreclosure suit that LUK-MB1 LLC owed $105 million and was no longer making payments on the construction loan for The Market Common. Jones Lang LaSalle, as receiver, managed the complex.

37 of 55 businesses were on a "watch list", meaning they had asked for or could get reductions in rent, or that they had to meet certain conditions to stay in the center.[1]

According to spokeswoman Hatton Gravely, The Market Common still increased overall sales 7 percent in 2010.[4]

An attorney representing the receiver said in a written statement that The Market Common was sold to BEI-Beach LLC, incorporated in Delaware on Dec. 27.[5]

HomeFed Corp.’s acquisition of BEI-Beach LLC

On April 23, 2013, it was reported by The Sun News that a California-based real estate investor and developer HomeFed Corp has acquired BEI-Beach LLC, who owns The Market Common and the undeveloped land around it, as well as other subsidiaries of Leucadia National Corp. Myrtle Beach city official say that the deal could lead to development moving forward quicker on some of BEI-Beach LLC's vacant property. Nothing will change at The Market Common as BEI-Beach will remain owner of the 6 year old shopping and entertainment center that is located on the former Myrtle Beach Air Force Base. "Management will stay the same, and no changes to the stores or other operations are planned as a result of the deal," said Brooke Doswell, The Market Common’s general manager.[6][7]

References

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External links

  1. ↑ 1.0 1.1 Lua error in package.lua at line 80: module 'strict' not found.[dead link]
  2. ↑ Course for the Bi-Lo Marathon.[dead link]
  3. ↑ Course for the Dasani Half Marathon.[dead link]
  4. ↑ Lua error in package.lua at line 80: module 'strict' not found.[dead link]
  5. ↑ Lua error in package.lua at line 80: module 'strict' not found.[dead link]
  6. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  7. ↑ Lua error in package.lua at line 80: module 'strict' not found.
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