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GULF SHORES, AL-Colonial Properties Trust has sold 85% of the 219,635-sf Pinnacle at Craft Farms ‘ first phase to Langley Properties Co. The developer will continue to lease and manage the just-completed $58.3-million first phase, which is shadow-anchored by a 125,000-sf Super Target.

Margaret Caldwell, an associate director for Cushman & Wakefield of Georgia Inc., it’s common for Colonial to seek out partners on its retail projects. “Though their focus is multifamily, they still have a very strong development pipeline in retail, especially mixed-use lifestyle centers and they like partners for those,” Caldwell says.

Caldwell and C&W senior director Kris Cooper lined up the Lexington, KY-based partner for Colonial’s 30-acre first phase at 3800 Gulf Shores Pkwy. And, she adds, it is the first one between Langley and the Birmingham, AL-based Colonial, but there could be others in the future. “There are two other phases in this center, but future partners are yet to be determined,” she tells GlobeSt.com.

Caldwell says the subsequent phases will be lease-driven as was the initial phase, but construction could begin on them within two years. The second phase will be situated on eight acres while the third phase will take up 38 acres.

Pinnacle at Craft Farms’ anchor tenants are Bed, Bath & Beyond Inc., Books-A-Million Inc. and Cobb Theaters. Caldwell says the center is about 75% leased. “There are a lot of letters of intent out there so they’re likely to be at 90% occupancy before yearend,” she adds.

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