PALM
COAST, Fla. --
Crossman & Company, one of the Southeast’s largest retail leasing, property
management and investment sales firms, has negotiated the sale of Cobblestone
Village, a 96,891-square foot shopping center at 270 Cypress Edge Dr. in Palm
Coast, Fla.
Crossman & Company Senior
Managing Director Whitney Knoll, Director of Brokerage Services, Christie
Alexander and Associate, Thomas Bolen represented the seller, CBL &
Associates Properties, Inc. of Chattanooga, Tenn., in the transaction. Cobblestone
Village is 96.7 percent leased.
“Cobblestone Village is a
great shopping center asset benefitting from its well-performing tenants and
location in one of the state’s most rapidly-growing areas,” said Crossman &
Company President John Crossman, CCIM, CRX.
“This property was highly sought after from a variety of institutional
and private investors. Palm Coast
continues to realize continued residential and job growth, a trend we expect to
continue.”
The Crossman & Company team
has built a solid track record of connecting investment sales clients with
qualified buyers and sellers. Cobblestone Village is no exception.
The buyer, RCG Ventures, is a
privately funded real estate investment group that acquires and develops
commercial real estate. The company’s primary focus is value-add anchored
shopping centers with the potential for long-term ownership.
“We are excited about our
recent acquisition of Cobblestone Village which fits RCG's strategy of
acquiring well positioned assets in healthy secondary and tertiary markets
throughout the country that allows us to add value through best in class
leasing and management,” noted Scott Tarbet of RCG Ventures.
Cobblestone Village is in Palm
Coast, the largest city in growing Flagler County. The center is less than a
quarter mile from the I-95 interchange and positioned along Palm Coast’s main
corridor, Palm Coast Parkway, with over 35,000 vehicles per day
The property features national
tenants Belk, Carrabba’s, and Anytime Fitness and is adjacent to Lowe’s and
Walmart.
Serving Florida, Georgia,
Alabama, Tennessee, South Carolina, North Carolina, Mississippi and Virginia
with offices in Atlanta, Ga., Boca Raton, Tampa, Miami and Orlando, Fla.,
Crossman & Company has experience selling shopping centers, triple-net
assets, as well as mixed-use and lifestyle properties.
For more information contact Thomas
Bolen at (407) -581-6259 or tbolen@crossmanco.com or visit www.crossmanco.com.
About Crossman &
Company
Crossman
& Company is the premier real estate firm focused on serving retail
landlords exclusively throughout the Southeast – with offices in Atlanta, Boca
Raton, Tampa, Miami and Orlando – representing more than 340 shopping centers
and 27.1 million square feet in Florida, Georgia, Alabama, Tennessee, South
Carolina and North Carolina. The company was founded in 1990 with the goal of
providing exemplary service to our clients around four core values: Maintain
enthusiastically satisfied clients; Demonstrate servant leadership; Practice
kindness, openness and humility; and Develop new talent. For more information,
visit the company’s website at www.crossmanco.com.