The Inlet Square Mall could be sold as early as this week, according to court records.
Information about the potential sale was included in court filings in an ongoing lawsuit between the mall’s owners and operators over unpaid rent.
Earlier this month, West C Street Holdings LLC filed a suit against Murrells Retails Associates LLC and Rait Partnership LP in Horry County Circuit Court. West C Street owns the Inlet Square Mall on U.S. Highway 17 Bypass in Murrells Inlet. The defendants in the case operate the mall.
According to the filing, the mall has more than 40 tenants, but its website only lists 18 shops in the directory.
The filing contends the operators did not pay rent in June or July, which totaled about $90,000. The year-long rental lease requires about $550,00 in rent payments.
The operators recently answered the suit and denied many of the allegations in the lawsuit.
As part of its answer, the operators said it found a buyer for its stake in the mall for $3.5 million and the parties agreed to a letter of intent for the purchase. The filing notes that letter — with the potential name of the buyer redacted — was filed as an exhibit, but it is not yet part of the court file.
West C Street was aware of the sale, the filing argues, and Murrells Retails Associates would pay its June, July and August rent when the sale occurred. The closing was initially scheduled for Aug. 23.
At the same time, West C Street began a “secret” discussion with the prospective buyer, according to the filing.
“West C proposed to the buyer that it could seek to have [the operators] evicted from the Mall for failure to pay rent, take over the leasehold, cut [the operators] out of the proposed $3.5 million sale and sell the prospective buyer the mall and the leasehold interest,” the document reads.
West C filed to evict the operator. The operators contend that the buyer reduced its offer for the mall from $3.5 million to $1 million. That sale is set to close before Sept. 1, according to the filing.
In a separate filing, West C Street denied the sale allegations levied by the operators.