GULF SHORES, AL. — Franklin Street has arranged the sale of Pelican Place at Craft Farms, a 220,372-square-foot shopping center in Gulf Shores. Bryan Belk and John Tennant of Franklin Street’s Atlanta-based Retail Investment Sales Team represented the seller, an affiliate of RCG Ventures, in the transaction. Atlanta-based Octave Holdings purchased the property for $16 million.
Pelican Place at Craft Farms was 82.9 percent leased at the time of sale to tenants such as CMX Cinemas movie theater, Books-A-Million, Bed Bath & Beyond and Dollar Tree. The property is shadow-anchored by Target and Publix.
Located at 3800 Gulf Shores Parkway, Pelican Place is situated approximately 1.6 miles from the Jack Edwards National Airport. The property is also situated at the entrance of Craft Farms, a 150-acre master-planned community that features a golf course.