Ocean Bay Market – Myrtle Beach, SC – 57,431 SF

Red Rock Developments 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 several years and were 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.