A Gulf Shores shopping center has sold to an Atlanta-based buyer.
Pelican Place at Craft Farms, a 220,372-square-foot lifestyle center, has sold for $16 million. Franklin Street’s Bryan Belk and John Tennant, with the firm’s Atlanta-based Retail Investment Sales Team, represented the seller, an affiliate of RCG Ventures, in the deal. Octave Holdings, a real estate investment firm, bought the property.
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“Pelican Place offers significant upside through the opportunity to lease 37,605 square feet of vacancy and begin holding outdoor events for the community,” Belk said. “This level of demand for a movie-theater anchored property is also a welcomed sign of recovery for the U.S. retail market as a whole.”
