MYRTLE BEACH, SC-A joint venture between Orix Real Estate Capital of Chicago and JDH Capital of North Carolina has broken ground on Forestbrook Village here. The JV estimates the retail center will cost $18 million and is looking toward a January 2008 opening.

The 64,928-sf center is rising at the intersection of Highway 501 and Forestbrook Road. It will be anchored by Food Lion, which has committed to take 34,928 sf. Forestbrook Village will also include a 12,900-sf freestanding building as a build-to-suit for a single tenant and four additional outparcels available for sale, build-to-suit or lease. Food Lion is the only tenant to ink a lease to date; however, an Orix spokeswoman tells that several letters of intent are on the table. She adds the rental rate at the center is $23.75 per sf base.

“Myrtle Beach is thriving, and this center is well-positioned to meet the community’s demand for additional retail,” David R. Brown, president and CEO of Orix, says in a statement.

Kurt Pairitz, executive vice president-development; Greg Fordon, senior vice president-development; and Gina Fechheimer, associate-development are overseeing the development for Orix. Lain McNeill of Sperry Van Ness Tradd Commercial is the exclusive leasing agent for Forestbrook Village. The architect is Charlotte-based RBA Group, and the general contractor is Winston-Salem-based John S. Clark Co.

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