Grand Strand mall back in legal limbo as lawsuit alleges millions in unpaid bills
The future is unclear for Inlet Square Mall, which is back in legal limbo over millions of dollars in unpaid bills, according to a lawsuit.
The lawsuit, which was filed in Horry County court last week, begins the foreclosure process.
West C Street Holdings, LLC owns Inlet Square Mall on U.S. Highway 17 Bypass in Murrells Inlet, S.C. The lawsuit claims that West C Street Holdings owes $2.8 million, plus late fees and interest, to Inlet Square Investments, LLC.
In 2015, West C Street Holdings, LLC took out a loan of $4.3 million from Tidelands Bank, according to the filing. In 2017, the loan was modified and reduced to $3.8 million.
Tidelands Bank has since merged with United Community Bank, based out of Blairsville, Georgia.
Inlet Square Investments, LLC has since purchased the loan from United Community Bank. Inlet Square Investments is a corporation based out of West Virginia.
The mall opened in the late 1980s. The lease between the owners and operators ends in 2047.
This isn’t the first time Inlet Square Mall has been in legal jeopardy. In 2018, West C Street Holdings filed a suit claiming the shopping center’s operator hadn’t paid $90,000 in rent while continuing to collect from tenants. The mall had more than 40 tenants at the time.
West C Street Holdings could not be reached for comment.
This story was originally published February 3, 2021 at 6:00 AM.
