Waterstone Properties has acquired Windsor Square Shopping Center, a large open-air retail power center in Matthews, for $87 million. The buyer secured acquisition financing from United Bank, which originated a $63.1 million loan to support the transaction. The property totals 659,222 square feet and serves as a significant retail destination in the area.
The seller, Hackney Real Estate Partners, disposed of Windsor Square after holding the asset for nearly two years. Hackney had purchased the center from Sterling Organization in November 2024 in a transaction valued at $70.1 million. The current sale marks a notable step-up in pricing over that prior trade, underscoring continued investor interest in well-leased retail power centers.
Originally completed in 1987, Windsor Square has undergone updates over its life cycle, with the most recent renovation completed in 2014. The center is anchored by a roster of national retailers, including Kohl’s, At Home, Sam’s Club, Ross Dress for Less, PetSmart and DSW, among others. This tenant mix positions the property as a regional draw for both discount-oriented and necessity-based shopping.
Occupancy at Windsor Square was reported at 99 percent at the time of sale, indicating limited vacancy and a largely stabilized rent roll. Following the transaction, Atlantic Retail has been engaged to handle leasing at the shopping center, providing continuity and professional oversight for any future tenant rollover or small-shop leasing needs.
Windsor Square benefits from its location near Novant Health Matthews Medical Center and visibility along the U.S. 74 retail corridor. The property offers direct access to Interstate 485, strengthening its regional connectivity and trade area reach. The center sits approximately 11 miles from downtown Charlotte and roughly 30 miles from the region’s international airport, placing it within a broad consumer catchment.
The combination of strong occupancy, established national anchors and transportation access helps define Windsor Square’s role within the Matthews retail landscape. With new ownership in place and dedicated leasing representation, the power center is positioned to maintain its status as a key retail node serving both local residents and shoppers from the broader Charlotte metro.
