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GBT Realty Corporation has sold a 77,850-square-foot portion of the Bermuda Square shopping center Chester, VA for total sales proceeds of $36.5 million.

GBT Realty Corporation Parcels Off Richmond Retail Center for $37M in Proceeds

Brentwood, TN-based GBT Realty Corporation has sold a 77,850-square-foot portion of Bermuda Square, a 136,600-square-foot shopping center located in Richmond submarket of Chesterfield, VA. The center is located on a 15-acre site and is 100% occupied.

Jordan Lex and Brad Peterson of JLL represented commercial development and investment company GBT Realty Corporation in the transaction.

GBT Realty Corporation acquired Bermuda Square for $18.6 million and, upon the completion of the transaction, generated total sales proceeds of $36.5 million (including the parcellation proceeds).

“We pursued this off-market asset for several years due to its tremendous value-add proposition,” said Scott Porter, managing director of GBT Realty Corporation’ capital holdings division.

Since inception in 1987, GBT Realty Corporation has been involved with the development, construction, leasing and management of over $8 billion of real estate totaling 40 million square feet of grocery-anchored, neighborhood and single-tenant retail; regional power centers; and mixed-use developments in 30 states.


Inside The Story

GBT Realty Corporation's Porter

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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