Continental Realty Pays $97M for Atlanta-Area Open-Air Retail Center

Baltimore, MD-based Continental Realty Corporation has acquired the The Shoppes at Webb Gin, an open-air shopping center in Lawrenceville, GA, for $97 million. At the time of sale, the center was 89% leased.

Margaret Caldwell and Patrick Kelley of Stan Johnson Company brokered the sale on behalf of seller 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%,” said Caldwell. “Demand for these types of centers is substantial in today’s market.”

“Through our long-term relationship with the seller, we were able to structure a completely off-market transaction to acquire the center,” added Josh Dinstein, SVP, acquisitions for Continental Realty Corporation. “The barrier to entry for new retail projects in the area is extremely high which only increases the value and attractiveness of the asset.”

The Shoppes at Webb Gin’s 330,000 square feet of retail and office has 70 units across eight buildings. The property is anchored by Barnes & Noble, DSW and the state’s top visited Sprouts. The center was built in 2006 and is situated on more than 48 acres. It also features available land for additional development along with a build-to-suit outparcel pad.