Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of an open-air shopping center located at 1250 Scenic Highway South in Lawrenceville, Georgia. 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 Northmarq brokered the sale on behalf of Olshan Properties, a full-service real estate investment firm based in New York. 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 Northmarq’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 is a retail and office mixed-use center featuring 70 total units across eight individual buildings. Additional tenants include H&M, LensCrafters, Kirkland’s, Victoria’s Secret, American Eagle, LOFT, Sephora, and many more. The property ranks in the top 93 percent of shopping centers across the U.S. and draws more than 3.6 million visitors each year.
“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.
The shopping 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. Approximately 35 miles northeast of downtown Atlanta, the property straddles Webb Gin Road and is located along the area’s main retail corridor of Scenic Highway. Neighboring retailers include Walmart, Kroger, Sam’s Club and Home Depot.