Gulf Shores, Ala. — 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 Retail Investment Sales Team represented the seller, an affiliate of RCG Ventures, in the transaction. 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.
Franklin Street Arranges $16 Million Sale of Shopping Center in Gulf Shores, Alabama