{"id":1004634097,"date":"2022-12-07T05:16:27","date_gmt":"2022-12-07T13:16:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004634097"},"modified":"2022-12-09T02:25:01","modified_gmt":"2022-12-09T10:25:01","slug":"gbt-realty-sells-richmond-area-retail-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gbt-realty-sells-richmond-area-retail-asset\/","title":{"rendered":"GBT Realty Sells Richmond-Area Retail Asset"},"content":{"rendered":"
\"\"<\/a>

Bermuda Square. Image courtesy of GBT Realty Corp.<\/p><\/div>\n

GBT Realty Corp.<\/strong> has sold a 77,850-square-foot portion of Bermuda Square, a shopping center in Chester, Va., to a private investor. JLL<\/strong>\u00a0Capital Markets<\/strong> Senior Director Jordan Lex and former Senior Managing Director Brad Peterson arranged the transaction for the seller.<\/p>\n

GBT acquired the 136,600-square-foot retail center in 2019 from Giant Food Stores, for $18.6 million. Following the current sale, the company generated total sales proceeds reached $36.5 million.<\/p>\n

Dating back to 1976, the property was fully leased at the time of the deal. The center’s tenant roster includes Starbucks, Burlington, Hobby Lobby, Petco, Chipotle, Shoney\u2019s and SunTrust Bank, among others. The shopping center serves approximately 70,000 consumers, with an average household income of roughly $90,000.<\/p>\n

Bermuda Square sits on a 15-acre site at 12601 Jefferson Davis Highway, just off Interstate 95 and 15 miles south of downtown Richmond, Va., while central Petersburg, Va. is less than 10 miles away.<\/p>\n

The retail sector has been recovering in the past years, with investment sales and consumer spending on the rise. Last month, another shopping center in Richmond changed hands. CTO Realty Growth paid $93.9 million<\/a> in a 1031 exchange for a 392,000-square-foot, grocery-anchored asset.<\/p>\n","protected":false},"excerpt":{"rendered":"

The buyer purchased more than 50 percent of the shopping center.<\/p>\n","protected":false},"author":3014,"featured_media":1004634098,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,21749,36153],"tags":[33967,34312,44006],"class_list":["post-1004634097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-retail","category-richmond-hampton-roads","tag-brad-peterson","tag-gbt-realty-corporation","tag-jll-capital-markets"],"acf":[],"yoast_head":"\nGBT Realty Sells Richmond-Area Retail Asset - CPE<\/title>\n<meta name=\"description\" content=\"GBT Realty Corp. has sold 77,850 square feet of Bermuda Square, a retail shopping center in metro Richmond, Va.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/gbt-realty-sells-richmond-area-retail-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GBT Realty Sells Richmond-Area Retail Asset\" \/>\n<meta property=\"og:description\" content=\"GBT Realty Corp. has sold 77,850 square feet of Bermuda Square, a retail shopping center in metro Richmond, Va.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/gbt-realty-sells-richmond-area-retail-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-07T13:16:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:25:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/Bermuda-Square.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gbt-realty-sells-richmond-area-retail-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/gbt-realty-sells-richmond-area-retail-asset\/\",\"name\":\"GBT Realty Sells Richmond-Area Retail Asset - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gbt-realty-sells-richmond-area-retail-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gbt-realty-sells-richmond-area-retail-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/Bermuda-Square.jpg\",\"datePublished\":\"2022-12-07T13:16:27+00:00\",\"dateModified\":\"2022-12-09T10:25:01+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"GBT Realty Corp. has sold 77,850 square feet of Bermuda Square, a retail shopping center in metro Richmond, Va.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gbt-realty-sells-richmond-area-retail-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/gbt-realty-sells-richmond-area-retail-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gbt-realty-sells-richmond-area-retail-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/Bermuda-Square.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/Bermuda-Square.jpg\",\"width\":1024,\"height\":768,\"caption\":\"Bermuda Square. 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