“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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.