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Waterstone Properties buys 659,222-SF Matthews retail center for $87M

The 1987-built power center in Matthews, N.C., was 99% leased at the time of sale, and United Bank originated a $63.1 million acquisition loan.

Reported · Written up by our desk · Commercial

Waterstone Properties has paid $87 million to acquire the Windsor Square Shopping Center, a 659,222-square-foot power center in Matthews, North Carolina, according to ConnectCRE.

The shopping center was most recently renovated in 2014 and was 99% leased at the time of sale, with national anchors including Kohl’s, At Home, Sam’s Club, Ross Dress for Less, PetSmart, and DSW, among others.

ConnectCRE reports that United Bank originated a $63.1 million acquisition loan, while Hackney Real Estate Partners sold the asset after nearly two years of ownership. Hackney had acquired Windsor Square from Sterling Organization for $70.1 million in November 2024.

Atlantic Retail will handle leasing going forward, ConnectCRE said, after the 1987 property sale.

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