GBT Realty Sells Richmond-Area Retail Asset

Bermuda Square. Image courtesy of GBT Realty Corp.

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

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.

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’s and SunTrust Bank, among others. The shopping center serves approximately 70,000 consumers, with an average household income of roughly $90,000.

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.

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 in a 1031 exchange for a 392,000-square-foot, grocery-anchored asset.