Franklin Street has arranged the $6.2 million sale of Golf Academy of America, a single-tenant retail property located at 1900 Mr. Joe White Avenue in Myrtle Beach, S.C. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, 7 Angels, LLC of Charlotte, N.C., in the transaction of the 6.24 acre property. The buyer was G & G Holdings, LLC, of Knoxville, Tenn.
Golf Academy of America is a private, two-year golf college offering classes on golf instruction and business management. The building was fully redeveloped in 2015 and is triple net leased to the academy through 2028.
“This was a great opportunity for the buyer to acquire a golf industry-specific property in the ’Golf Capital of the World,’ which is home to over 100 golf courses,” said Tennant, senior director of retail investment sales at Franklin Street. “The facilities were recently renovated and have been kept in great condition.”
“The facility has great access to Highway 17 and Highway 501 and is in close proximity to several retail store chains including Lowe’s, Sam’s Club, and Target,” said Belk, senior director of retail investment sales at Franklin Street. “The buyer plans to hold this property for the long-term. Retail investors continue to seek triple net properties because of the stable and secure cash flows from scheduled rent increases as well as the future capital appreciation of the asset.”
Myrtle Beach is one of the top beach towns in the U.S. with some 14 million visitors a year. Myrtle Beach is also the fifth fastest growing city in the country, largely due to its retiree population and strong tourism growth.
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