Transwestern sells Alabama center for $18.5 million

Transwestern's Southeast Investment Services Group representedKentucky-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-sq.-ft. shopping center located inGulf Shores, Alabama.

Transwestern VPFred Victorrepresented the seller in the transaction. RCG was represented in-house byScott Tarbet, VP of acquisitions.

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.