WMBF Investigates: City explains costly Superblock property tran - WMBFNews.com, Myrtle Beach/Florence SC, Weather

WMBF Investigates: City explains costly Superblock property transfer

Google Maps Street View image of 507 9th Ave. North. (Source: Google Maps) Google Maps Street View image of 507 9th Ave. North. (Source: Google Maps)

MYRTLE BEACH, SC (WMBF) - The city of Myrtle Beach is working to move its library and a children museum into what is known as the Superblock. It’s the area surrounded by Eighth Avenue North, Kings Highway, Ninth Avenue North and Oak Street.

In order to make that move, the Myrtle Beach Downtown Redevelopment Corporation is buying out property owners in the area, first through a broker, now openly.

Property records show the different parcels are selling for different prices, and at least one transaction raised questions we took to the City of Myrtle Beach.

On March 24, Horry County property records show Schiller Property LLC sold 507 9th Avenue North to Holly Family LLC for $100,000. That same day, Holly Family LLC sold it to MBDRC for $325,000.

Mark McBride, who is currently running for mayor of Myrtle Beach, held a news conference on Wednesday to bring attention to this transaction. 

In an email, city manager John Pedersen explains this was a simultaneous closing. Pedersen says Holly Family LLC had an option to purchase the property for $100,000 in a lease-purchase agreement. The other party involved in the agreement fixed up the property and established a business there.

“When the DRC moved forward to purchase the property through our agent,” Pedersen’s email explains, “it was necessary to work with the person that had the option to purchase the property.”

The Holly family purchased the property, then immediately sold it to MBDRC.

Pedersen notes the $100,000 the Holly family paid was negotiated years ago on a building that was in “deplorable condition.” He says the DRC’s purchase price was negotiated on an improved building.

“This is an ordinary transaction in every way,” Pedersen’s note said.

Land records also show Holly Family LLC and MBDRC have the same P.O. Box. Box 2468 is also the mailing address for the City of Myrtle Beach, a discrepancy also noted by McBride. A city spokesman calls that an error in the records and says Holly Family LLC and the city aren’t related and don’t share a P.O. Box. State records list an address for Holly Family LLC's registered agent on 3rd Avenue South.

Seller John Henry Nance sold the property next door to MBRDC for $150,000 on February 16. The size of the parcel is that same as 507 9th Avenue North, the building on the land is slightly larger.

Seller Steve Nance also sold property to MBDRC on February 16. The slightly larger parcel, 0.06 acres compared to 0.05, sold for $150,000.

MBDRC paid $328,000 for a parcel more than double the size of 507 9th Avenue North, but, on May 23, paid $400,000 for two comparable 0.06 parcels. That payment went to Melvina Davis according to property records.

Coggin Properties LLC sold to the city of Myrtle Beach for $160,000, Smith Stalvey LLC sold to MBDRC for $300,000, Deaton Kemp Allen Etal sold to MBDRC for $453,000, Alford & Isaac Properties LLC sold to MBDRC for $159,000

One listing notes multiple owners sold a single property to MBDRC for $820,000, and is the same listing for two other properties on the opposite sides of the block.

Related Document: Below is the closing statement on the property at 507 9th Ave. North, provided by city spokesman Mark Kruea:

Copyright 2017 WMBF News. All rights reserved.  

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