Baltimore, MD-based Continental Realty Corp. has acquired a 330,000-square-foot, open-air shopping center in Lawrenceville, GA for $97 million from the New York-based real estate investment firm Olshan Properties.
Located at 1250 Scenic Highway South in the Atlanta suburb, The Shoppes at Webb Gin features 70 units of retail and office space across eight individual buildings. The 89%-leased mixed-use center is anchored by Barnes & Noble, DSW and Sprouts grocery store, and additionally tenanted by H&M, LensCrafters, Kirkland’s, Victoria’s Secret, American Eagle, LOFT, Sephora and more.
The property draws more than 3.6 million visitors annually and it ranks in the nation’s top 93% of shopping centers. Built in 2006, the center is situated along Webb Gin Rd. and is located 35 miles northeast of downtown Atlanta.
Situated on more than 48 acres of land, The Shoppes at Webb Gin offers available land for future development opportunities, as well as a build-to-suit outparcel pad.
Stan Johnson Co.’s Margaret Caldwell and Patrick Kelley brokered the sale on behalf of Olshan Properties.
“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%,” says Caldwell, managing director and partner at Stan Johnson Co.’s Atlanta office. “This will lead to rental growth given the high occupancy in the overall market. 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,” states Kelley, associate director at Stan Johnson Co.
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