The property, anchored by a CMX Cinemas, is one of the first movie theater-anchored shopping centers to trade post-pandemic
GULF SHORES, AL (October 18, 2021) — Franklin Street has arranged the sale of Pelican Place at Craft Farms, a 220,372-square-foot lifestyle center in Gulf Shores. The 82.94% occupied property is anchored by a CMX Cinemas movie theater, Books A Million, Bed Bath & Beyond and Dollar Tree and benefits from foot traffic to an adjacent Target and Publix.
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 transaction. The buyer is Atlanta-based Octave Holdings.
“Pelican Place offers significant upside through the opportunity to lease 37,605 square feet of vacancy and begin holding outdoor events for the community,” said Belk. “We received eight qualified offers for this property, which speaks to investor confidence in retail properties in the Southeast, as well the current lack of value-add product available in the market. 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.”
At 3800 Gulf Shores Parkway, Pelican Place at Craft Farms is located along the main thoroughfare leading to Alabama’s gulf beaches, a major tourism destination. The property is also situated at the entrance of Craft Farm, a 150-acre master-planned community that provides a built-in customer base for tenants.
“With its prime location and diverse tenant mix of restaurants, boutiques, fitness and entertainment users, Pelican Place will continue to serve as a popular hangout for both tourists and local residents,” said Tennant. “The property will also benefit from population growth, as Gulf Shores’ population has grown by 10% in the last five years.”
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com.