StayCalmBuildStacks

I think you played the hand fine. I am prone to flat in your situation, because you are most often going to play this 3 handed in posistion, with the BB and the HJ.
When the SB raises I fold as you did, as you will be in some crappy spots postflop.
Flatting IMO is the worst option.
If you have seen the SB do this often, or know him to be very aggressive, you can 4-bet jam on him and have a decent ammount of fold equity.

this play is for sure +EV.
That said, I often take a different line here because I am willing to gamble to get a larger stack. I like to min-raise here and call off, unless there is a shove and another caller.
What I like about raise/calling off with 15bb is someone may shove with a hand like A8 or KQ that they may otherwise fold to a shove. Also even if the BB comes along you are well ahead of their range.