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.