Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, has acquired The Shoppes at Webb Gin, a 330,000 square foot lifestyle center in the Atlanta market for $ 97 million from Olshan Properties.
The asset, located at 1350 Scenic Hwy. South in Snellville, was 89% leased at the time of the transaction and represents CRC’s fourth retail asset in Georgia. The property is anchored by Sprouts Farmers Market, DSW, Barnes & Noble, and H&M. Margaret Caldwell and Patrick Kelley of the Stan Johnson Company of Atlanta represented the seller in this transaction.
The Shoppes at Webb Gin was purchased on behalf of the Continental Realty Opportunistic Retail Investment Fund I, a private equity fund focused on acquiring value-add and income-producing retail properties in targeted submarkets throughout the United States. This represents the fourth retail asset acquired by the Fund, following last month’s acquisition of Banks Crossing, a 255,101 square foot center located in Fayetteville, Georgia.
Additional CRC retail centers located in Georgia include North Bridges, a 106,396-square-foot neighborhood shopping center in Alpharetta, and Summit at Towne Lake, a 59,722-square-foot retail center in Woodstock. CRC also owns two multifamily communities in Georgia, Millworks Apartments in Atlanta, and Two Addison Place in Pooler.
Constructed in 2006, The Shoppes at Webb Gin is situated on approximately 48 acres on Scenic Highway North, the major freeway which connects Snellville to Lawrenceville, with more than 40,000 vehicles passing the site daily. The regional center is home to more than 60 tenants.
Located at the intersection of Scenic Highway N and Webb Gin House Road SW, The Shoppes at Webb Gin is in the 94th percentile for foot traffic among all shopping centers in the country, with over 80 minutes of average dwell time and the # 1 most visited Sprouts Farmers Market in Georgia, according to Placer.ai, a market research company that reports on consumer behavior by analyzing visitations in retail stores and shopping centers.