Crossman & Company 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 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.