Waterstone Properties Acquires Windsor Square, a 657,000-SF Power Center in Matthews, NC
MATTHEWS, N.C. — Waterstone Properties Group has acquired Windsor Square Shopping Center, a 657,000-square-foot power center at 1814 Windsor Square Drive in Matthews, North Carolina, the firm announced Sept. 28, 2026. The transaction expands Waterstone's retail footprint in the Charlotte metropolitan area, where the company has been building out its Southeast portfolio. Leasing will be handled by Atlantic Retail.
Property Profile and Tenant Roster
Windsor Square is anchored by Sam's Club, Kohl's, At Home, Ross Dress for Less, PetSmart, DSW and 2nd & Charles, along with other national retailers. The center is 99% occupied and ranks among the top 10 power centers nationally by Placer visitation metrics, according to Waterstone. It generates 6.4 million annual visits with an average dwell time of 45 minutes.
The property sits along the US-74 retail corridor with direct access to I-485, providing connectivity to the broader Charlotte-Concord-Gastonia metropolitan statistical area, which has grown to nearly 3.0 million residents. The immediate trade area encompasses approximately 181,000 residents within five miles and average household incomes approaching $120,000. Nearby demand drivers include Novant Health Matthews Medical Center, Harris Teeter's corporate headquarters, Matthews Sportsplex, and a range of residential and mixed-use developments.
Waterstone's Strategy and On-Site Presence
Waterstone described the acquisition as consistent with its value-add investment strategy, which focuses on well-located shopping centers in high-growth corridors. The firm said it sees opportunity to create value through its existing tenant relationships, placemaking initiatives, improvements to the customer experience, and active management of the tenant mix to drive leasing demand and long-term traffic.
In a notable operational step, Waterstone announced it will open a satellite property management and leasing office at Windsor Square, extending its physical presence in North Carolina alongside other recent acquisitions in the state.
"Windsor Square is a proven, high-traffic destination, and we see real opportunity to build on its success," said Neal Shalom, Chairman of Waterstone Properties Group. "Opening an office on site reflects our long-term commitment to the center and to North Carolina."
"Windsor Square adds meaningful scale to our Southeast portfolio in one of Charlotte's strongest retail submarkets. We see clear opportunities to create value through leasing and active management," added Richard Greer, CIO of Waterstone Properties Group.
Charlotte Retail Market Context
The acquisition comes as the Charlotte retail market has shown limited vacancy and rising rents. Charlotte retail vacancy stood at 3.4% in the second quarter of 2026, with average asking rents of approximately $26.99 per square foot and annual rent growth of 5.6%. The market recorded approximately $333 million in retail investment sales during the second quarter, at an average of $201 per square foot. In Charlotte specifically, multi-tenant vacancy was reported at 5.8% in the third quarter, while single-tenant vacancy stood at 2.7%.
Nationally, retail asking rents grew 2.2% year over year, reaching $25.65 per square foot in the second quarter, reflecting a favorable supply-demand backdrop for well-located centers.
Matthews benefits from its position within Charlotte's suburban growth pattern, where constrained new retail supply and strong population growth have supported occupancy and rent levels at established centers.
About Waterstone Properties Group
Waterstone Properties Group is a privately owned real estate investment and development company founded in 2006. The firm owns approximately 4.7 million square feet across 52 properties in 14 states and reports more than $1 billion in assets under management. Its portfolio spans retail shopping centers, medical offices and mixed-use properties, with more than 1 million square feet currently under development and an active pipeline of approximately 3 million square feet. The company also holds more than 400 multifamily and residential units. Peaceable Street Capital provided participating preferred equity in connection with the transaction.
Sources: Waterstone Properties Group press release, Sept. 28, 2026