Shopping Center Business

MAY 2017

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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CENTER REVIEW 96 • SHOPPING CENTER BUSINESS • May 2017 pes at Webb Gin was developed, retail in this area was predominantly focused on convenience retail shopping options. The Shoppes at Webb Gin is so much more as it offers national and local fashion tenants, 'elite' convenience retail such as Sprouts and dining options all gathered around a shopping environment that is more pleasant and engaging that other area strip shopping centers." Following the recession, Cousins Prop- erties sold The Avenue Webb Gin in 2012 to a joint venture between institutional advisers advised by J.P. Morgan Asset Management and Bayer Properties, a Bir- mingham-based retail and mixed-use de- veloper and owner. The new ownership group changed the center's name to The Shoppes at Webb Gin in 2013. Seeking to expand its retail portfolio in the Atlanta area, Olshan Properties purchased the center in July 2014 short- ly after Sprouts opened its doors to the public. The company has been pleased with the center's performance during its ownership thanks in part to the limited competition in the immediate area. Over the years, the success of the center has spurred additional development as well. "Other developers have recognized the opportunity to serve this growing cus- tomer base," says Marshall. "Recent new development near our project includes the opening of a new movie theater and the addition of other best-in-class junior anchor retailers. The new development continues to solidify this corridor as a sig- nificant retail area for Gwinnett County that The Shoppes at Webb Gin anchors." WHAT'S NEXT? The Shoppes at Webb Gin has several small parcels of land available that Ol- shan Properties is considering offering for the right development uses, which may not necessarily be retail, according to Marshall. "To address the needs of the communi- ty, it's possible it may not be a retail store growth," says Marshall. "We are currently evaluating health, wellness, medical and similar expansion opportunities." SCB The Shoppes at Webb Gin is located at a high traffic corner in Georgia's Gwinnett County.

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