MYRTLE BEACH — Burroughs & Chapin continues to expand its footprint outside of the Myrtle Beach area with the latest acquisition of a shopping center in the heart of Greenville’s Augusta Road retail corridor.
With ties to the origins of Myrtle Beach, the 127-year-old company has bought commercial properties, mainly retail and restaurants, in Charleston, Columbia, Greenville, Savannah, Raleigh and Woodstock, Ga. in recent years while in the midst of a booming commercial real estate market.
The latest purchase of Augusta Village, a 21,500-square-foot neighborhood shopping center located at 1818 Augusta Street and renovated in 2013, is Burroughs & Chapin’s second acquisition in the Greenville real estate market over the last 18 months. Tenants include Jersey Mike's Subs and the Augusta Grill, a Greenville staple since 1993.
Burroughs & Chapin purchased the shopping center at an undisclosed price from Hotzfam, LLC, a Greenville-based commercial property investment company. The transaction was brokered by Ted Lyerly of NAI Earle Furman.
“We are excited to add another asset in Greenville and look forward to making additional investments in this rapidly growing market,” said Austin Burris, Director of Acquisitions for Burroughs & Chapin in a statement.
Last year the company added a 33,489-square-foot mixed-use building located at 103 N. Main Street in downtown Greenville to its portfolio.
Formerly the owner and operator of entertainment venues such as the Myrtle Beach Pavilion amusement park and Myrtle Waves water park, the Grand Strand company founded in 1895 has shifted its focus in recent years to become a real estate investment trust with a footprint outside of Horry County.
Burroughs & Chapin leaders have said for years that one major storm hitting Myrtle Beach, where most of their business holdings were located, could prove to be catastrophic to the company.
Back in April, the company expanded into the Atlanta market for the first time, purchasing five buildings and a parcel of land in downtown Woodstock, a city of more than 35,000 residents.
Last October, Burroughs & Chain paid $5.1 million for three properties on King Street in downtown Charleston, adding to its existing footprint downtown, as well as the Northcutt Plaza at Coleman and Houston Northcutt boulevards nearby in Mount Pleasant.
But the company has said that it will remain anchored along the Grand Strand where it was founded and in a part of the state that it helped shape.
“We are very heavily weighted in Horry County right now,” Burris previously told the Post and Courier. “We’re kind of pushing into North Carolina, South Carolina, Georgia and then we are looking at some deals in areas like Tennessee and Florida as well.”
Founder Franklin G. Burroughs moved to the area in 1857 from North Carolina, finding work in a mercantile business and turpentine still. Later returning from the Civil War, he expanded that business, with family members eventually completing the first railroad from Conway to what used to be known as New Town.
That soon became Myrtle Beach after his widow Miss Addie suggested the name in a naming contest due to the abundance of native wax myrtle shrubs in the area.
The Burroughs family also built and opened the first oceanfront hotel in Myrtle Beach, the Seaside Inn, around 1901. The company had a hand in developing Myrtle Beach, including starting businesses such as the Myrtle Beach Pavilion and Myrtle Square Mall and donating land for the Myrtle Beach State Park and the area’s first hospital.
Burroughs and Chapin currently owns Broadway at the Beach and Barefoot Landing as well as a number of shopping centers and office space along the Grand Strand.
Included in its portfolio is the more than 10 acres that formerly housed the Myrtle Beach Pavilion, but the company has not said if or when it plans to redevelop the space.
“People come to Myrtle Beach for an experience,” Burris previously said. “Broadway at the Beach is probably the best example we have of that. Barefoot Landing is definitely there. We’re looking to keep improving the tenant mix on the properties that we own and adding green spaces and areas where people like to congregate and enjoy the outdoors. The Southeast as a whole is growing so rapidly, we just want to be able to capitalize on that.”