LAWRENCEVILLE, GA – Baltimore, MD-based Continental Realty Corp. has acquired a 330,000 square foot outdoor shopping center in Lawrenceville, GA for $97 million from New York-based real estate investment firm Olshan Properties.
Located at 1250 Scenic Highway South in suburban Atlanta, The Shoppes at Webb Gin offers 70 units of retail and office space in eight individual buildings. The 89%-leased mixed-use center is anchored by Barnes & Noble, DSW and Sprouts Grocery, and also leased by H&M, LensCrafters, Kirkland’s, Victoria’s Secret, American Eagle, LOFT, Sephora and more.
The property attracts over 3.6 million visitors a year and ranks in the top 93% of shopping malls in the country. Built in 2006, the center is located along Webb Gin Rd. and is located 35 miles northeast of downtown Atlanta.
Set on over 48 acres of land, The Shoppes at Webb Gin offers land available for future development opportunities, as well as a custom-built outdoor pitch.
Margaret Caldwell and Patrick Kelley of Stan Johnson Co. negotiated the sale on behalf of Olshan Properties.
“Webb Gin tenants have benefited from the significant increase in suburban shopping, with average sales increasing approximately 30% year-over-year,” said Caldwell, managing director and partner in the Atlanta office of Stan Johnson Co. “This will drive rental growth given the high occupancy in the overall market. Demand for these types of centers is significant in today’s market. We were under contract before we even marketed the listing widely. .
“Webb Gin’s strong rental, rental momentum and robust sales resulting from the pandemic heighten the investment appeal of the property, and a compelling pre-emptive offer made for a smooth sales process,” says Kelley, Director partner at Stan Johnson Co.