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GBT Realty Acquires Richmond Retail Center for $19M
National commercial development and investment company GBT Realty Corp. has acquired Bermuda Square, a value-add retail center in Richmond, VA. GBT purchased the property from Giant Food Stores for $18.6 million.
Located 12 miles south of downtown Richmond, the 84,000-square-foot property sits on nearly 15 acres and features six access points. Current tenants include Petco, Starbucks, Chipotle, SunTrust, Mattress Firm, Shoney’s, Virginia ABC and Valvoline.
“This asset is an ideal acquisition for GBT given its immediate upside potential, locational drivers and strong property fundamentals,” said Scott Porter, managing director at GBT Realty. “We made significant progress in backfilling the existing anchor vacancy and solidifying tenancy for the undeveloped parcel during due diligence.”
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- ◦Sale/Acquisition
