Captain's BBQ renovation and Cobblestone Village acquisition round out the week's business news.
The Golden Lion, Flagler Beach's iconic beachfront restaurant, is reportedly planning to open a second location, this one in Palm Coast. According to Toby Tobin, who hosts the Sunday morning radio show, “Real Estate Matters” on WNZF, the Marlow family who own the Golden Lion have closed on the purchase of a 5.15-acre parcel located between the Intracoastal Waterway and Harbor Club.
The Golden Lion, opened in 1998, has become a destination eatery along Flagler Beach's waterfront and recently constructed an additional deck.
Chris Marlow told Tobin on the March 5 program that there are permitting and easement issues still to overcome before the plan can move forward. Marlow said that Golden Lion plans to work with the City on access issues and beautification plans for the neighboring areas.
Marlow added that the menu of the new restaurant will continue to feature Golden Lion menu favorites like fish and chips.
Cobblestone Village shopping center purchased by new owner
Crossman & Company, one of the Southeast’s largest retail leasing, property management and investment sales firms, has negotiated the sale of Cobblestone Village, the 96,891-square foot shopping center at 270 Cypress Edge Dr. in Palm Coast. The complex features national tenants Belk, Carrabba’s, and Anytime Fitness and is adjacent to Lowe’s and Walmart. According to the purchasing company, the center is frequented by over 35,000 vehicles per day and is 96.7 percent leased.
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, Tennessee, in the transaction.
“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,” Crossman & Company President John Crossman said in a press release. “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,” said Scott Tarbet of RCG Ventures.
Captain's BBQ completes renovation
Captain's BBQ in Palm Coast recently finished a renovation plan, including a newly decorated interior dining room and an expanded outdoor deck. The Flagler Chamber of Commerce helped the restaurant celebrate its reopening with a ribbon-cutting ceremony held March 3.