Pelican Place at Craft Farms
Closed3800 Gulf Shores Pkwy, Gulf Shores, AL 36542
Property type
Retail
Unit / Space count
47
Price
$16,000,000
Building size
220,372 sf
Rentable area
220,372 SF
Year built
2007
Year renovated
Occupancy
Zoning code
Lot size
28.72 Acres
Sold/status
Sold · Date unknown
Sale price
$16000000
Property description
Franklin Street is pleased to present the lifestyle center Pelican Point at Craft Farms in Gulf Shores, Alabama. Gulf Shores is located in southern Alabama, 50 miles south of Mobile. Gulf Shores is a major beach destination for cities across the South and is within a 5-hour drive of Atlanta, Jackson, Birmingham, Huntsville, and New Orleans. The center sits in front of Craft Farms, which is the largest subdivision in the Gulf Shores area and home to two Arnold Palmer golf courses. It is located on Gulf Shores Parkway, which has 44,000+ VPD leading into Gulf Shores and Orange Beach with over 32 miles of sand beaches. The Gulf Shores market is a growing area with 10% population growth in the last 5 years and it is located in Baldwin County, the state's 4th largest county. US Today recently ranked Gulf Shores the #5 Best Coastal Small Town. For the last 3 straight years, Baldwin County has ranked #1 in the state for incoming business investment and includes 4 of the top 5 fastest growing cities in Alabama. Pelican Place offers an investor the opportunity to instill their vision for the property in the near term, as there is 37,605 SF of vacancy in the property and several tenants with short-term leases. The property offers a diverse tenant mix of restaurants, boutiques, fitness, and entertainment users, which makes it a popular hangout amongst tourists and locals.
Property highlights
- Pelican Place at Craft Farms is a 220,372 SF Lifestyle center in Gulf Shores, AL with over 1.68M annual visits to the property
- Major beach tourist destination: Over 7M annual visitors to Gulf Shores & Orange Beach and $5.2B spent by tourist annually
- Significant repositioning opportunity: 82.94% occupancy
- National anchors including: CMX Theatres, Books A Million, Bed Bath & Beyond, Dollar Tree among others
- Adjacent to strong performing Publix ($33.8M) & Target driving traffic to the center and near Walmart & the Tanger Outlets
- Located on the main thoroughfare leading to Gulf Shores and Orange Beach
- Ideal open-air shopping experience - opportunity to increase income by bringing outdoor events to the center
- Two outparcels available separately as development upside
- Offered at significant discount to replacement cost ($74 PSF)