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| Margaret Caldwell |
The Shoppes at Webb Gin is a 330,000-square-foot
center anchored by Barnes & Noble, DSW and the state’s top visited Sprouts
grocery store.
Margaret Caldwell and Patrick Kelley of Stan Johnson Company brokered the sale on behalf of Olshan Properties, a full-service real estate investment firm based in New York.
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| Patrick Kelley |
The property was acquired for $97.0 million by Baltimore, Maryland-based Continental Realty Corporation. At the time of sale, the center was 89 percent leased.
“Webb Gin’s tenants have benefitted from the significant increase of shopping in the suburbs with average sales growing year-over-year by around 30 percent. This will lead to rental growth given the high occupancy in the overall market,” said Caldwell, Managing Director and Partner in Stan Johnson Company’s Atlanta, Georgia office.
“Demand for these types of centers is substantial in today’s market. We were under contract even before broadly marketing the listing.”
“The Shoppes at Webb Gin’s strong tenancy, leasing momentum and robust sales coming out of the pandemic accentuate the property’s investment appeal, and a compelling preemptive offer made for a smooth sales process,” added Kelley, Associate Director.
CONTACT:
David Ebeling
Ebeling
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949.861.8351
949.278.7851
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