Langley Properties Sells Shopping Center In Gulf Shores, Alabama For $18.5 Million

Transwestern Negotiates Disposition of Pelican Place at Craft Farms on Behalf of Seller

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Sep 18, 2015, 01:00 ET

GULF SHORES, Ala., Sept. 18, 2015 /PRNewswire/ -- Transwestern's Southeast Investment Services Group today announces it represented Kentucky-based Langley Properties Co. in the disposition of Pelican Place at Craft Farms for $18.5 million. Atlanta-based RCG Ventures acquired the 229,911-square-foot shopping center located at 3800 Gulf Shores Parkway in Gulf Shores, Alabama. Transwestern Vice President Fred Victor represented the seller in the transaction. RCG was represented in-house by Scott Tarbet, vice president of acquisitions.

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"The Pelican Place at Craft Farms transaction allowed Langley Properties to exit the Gulf Shores region in order to focus on its core markets, while providing RCG an opportunity to acquire another high-quality, value-add asset to supplement a growing portfolio," said Victor, who is based in Transwestern's Atlanta office.

Built in 2005, Pelican Place at Craft Farms is anchored by Bed Bath & Beyond, Cobb Theatres and Books-A-Million and shadow-anchored by Target and Publix. The property is situated on State Route 59, the main roadway to the beach region of Gulf Shores. An estimated 43,000 vehicles travel on Route 59 daily, and 5.4 million tourists visit the Gulf Shores region annually, spending an estimated $550 million.

ABOUT TRANSWESTERN'S SOUTHEAST INVESTMENT SERVICES GROUP
Transwestern's Southeast Investment Services Group (Southeast ISG) combines capital markets and investment banking expertise, local market knowledge and proven transaction execution to provide strategic disposition services for multifamily, office, retail, industrial and land assets located in Alabama, Georgia, Florida, Mississippi, North Carolina, South Carolina and Tennessee. Based in Atlanta with offices in Miami, Fort Lauderdale and Orlando, Transwestern's Southeast ISG has established a successful track record for maximizing value and creating lasting relationships with clients that range from local entrepreneurs to the largest corporations in the country.

ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Southeast region follow @TranswesternATL.

Media Contact:
Jaime Luckey
404.842.6536
[email protected]

SOURCE Transwestern