Gulf Shores Shopping Center Sold

Franklin Street has arranged the sale of Pelican Place at Craft Farms, a 220,372-ft2 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 represented the seller, an affiliate of RCG Ventures, in the transaction. The buyer is Atlanta-based Octave Holdings. At 3800 Gulf Shores Parkway, Pelican Place at Craft Farms is located along the main thoroughfare leading to Alabama’s beaches. The property is also situated at the entrance of Craft Farms, a 150-acre master-planned community.