H
ackney Real Estate Partners has acquired the Windsor Square Shopping Center in Matthews, North Carolina, for $70.1 million. The purchase price of approximately $107 per square foot represents a significant increase from the $58.71 per square foot paid by Sterling Organization in 2003. Rad von Werssowetz of Berkeley Capital brokered the transaction, which closed in November.

    The shopping center spans 654,000 square feet and boasts a strong tenant roster featuring major retailers such as Sam's Club, Kohl's, and Ross Dress for Less. With a 97 percent occupancy rate and an 82 percent appreciation in value over the last 20 years, Windsor Square is a valuable addition to Hackney's growing portfolio of shopping centers.

    The Charlotte retail market remains strong, with a vacancy rate of just 3.1 percent and asking rents increasing by 4.2 percent this year to $19.78 per square foot. Meanwhile, only 820,000 square feet of new development is expected to be delivered in the region this year.

    Hackney's acquisition of Windsor Square expands its presence in North Carolina, where it also manages properties in other locations. The company has a diverse portfolio that includes assets in Florida, Georgia, Ohio, South Carolina, and Virginia.