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.
“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.”