Local entrepreneur on Market Common almost a year after foreclosure sale
Wed, 30 Nov 2011 03:27:58 GMT —
Almost eleven months ago, The Market Common, a retail and residential center in Myrtle Beach, was sold to BEI - Beach LLC, according to real estate law firm Nexsen Pruett.
BEI - Beach LLC purchased Market Common from LUK-MB1, LLC, through Gregory T. Maloney, who was acting as receiver in the sale.
JPMorgan Chase Bank filed suit in May 2010 to foreclose its $100+ million mortgage with The Market Common.
JPMorgan claimed LUK-MB1, LLC failed to "make payments when due," according to the foreclosure suit filed in Horry County.
A year after Market Common was sold out of foreclosure-how are local businesses saying they're doing?
Very well, says local store owner Rob Safa. He runs Bijuju and says despite several vacant storefronts near his store, he's not worried.
"We're up from last year and I think a lot of our success is the way we deal with people we come into contact with," Safa says.
He also adds that marketing for Market Common has helped his business too.
"The exceptional job they've done with the marketing. As I was driving in, I saw a Market Common sign as I was 40 miles out when I was in Aynor or somewhere," he says.
He adds one thing he's noticed is most of his business comes from locals, and in a city primarily known for tourists, he says they're keeping Bijuju growing.