Waterstone buys Windsor Square in North Carolina

Waterstone Properties Group acquired Windsor Square Shopping Center in Matthews, North Carolina, adding a high-traffic retail center to its Southeast portfolio. The deal expands the firm’s footprint in one of Charlotte’s fastest-growing suburban markets and includes a new on-site office.

Why it matters: - The acquisition strengthens Waterstone Properties Group’s retail presence in a high-growth Charlotte suburb. - Windsor Square sits in a dense trade area with strong traffic, which can support leasing demand and long-term value. - Waterstone is adding an on-site office, signaling a deeper operational commitment to North Carolina.

What happened: - Waterstone Properties Group bought Windsor Square Shopping Center in Matthews, North Carolina. - The property is a 657,000-square-foot power center ranked among the top 10 by Placer visits. - The center is anchored by Sam’s Club, Kohl’s, At Home, Ross Dress for Less, PetSmart, DSW and 2nd & Charles. - Waterstone said it will open a new satellite property management and leasing office at Windsor Square. - Leasing will be handled by Atlantic Retail.

The details: - Windsor Square is 99% occupied. - The center generates 6.4 million annual visits. - Average dwell time is 45 minutes. - The property is on the US-74 retail corridor with direct access to I-485. - The trade area includes about 181,000 residents within five miles. - Average household income in the area approaches $120,000. - Nearby economic drivers include Novant Health Matthews Medical Center, Harris Teeter’s corporate headquarters, Matthews Sportsplex and multiple residential and mixed-use developments. - Waterstone has more than $1 billion in assets under management and about 4.7 million square feet across 52 owned properties in 14 states. - The firm also manages more than 4 million square feet across 51 properties and serves more than 375 national and local tenants. - Waterstone has more than 1 million square feet under development, more than 400 multifamily and residential units and an active development pipeline of about 3 million square feet. - The company has also developed 4 million square feet of healthcare-focused properties, including Maine’s newest medical facility, Rock Row Health Campus. - More information is available on Waterstone’s website. - More information is available on Peaceable Street Capital’s website.

Between the lines: - Waterstone is targeting a value-add play by improving placemaking, tenant mix and the customer experience. - The Matthews asset gives Waterstone added scale in the Southeast and another foothold in a fast-growing metro area. - The new office suggests Waterstone expects to keep building in North Carolina rather than treating the purchase as a one-off.

What's next: - Waterstone will use Atlantic Retail to lease the center. - The company plans to leverage tenant relationships and active management to drive traffic and leasing demand. - The on-site office should support day-to-day operations as Waterstone expands in the market.

The bottom line: - Windsor Square gives Waterstone a highly occupied, high-traffic retail center in a strong suburban market, plus a platform to keep growing in North Carolina.