Bermuda Sq.. Picture courtesy of GBT Realty Corp.
GBT Realty Corp. has offered a 77,850-square-foot portion of Bermuda Sq., a shopping mall in Chester, Va., to a non-public investor. JLL Capital Markets Senior Director Jordan Lex and former Senior Managing Director Brad Peterson organized the transaction for the vendor.
GBT acquired the 136,600-square-foot retail middle in 2019 from Big Meals Shops, for $18.6 million. Following the present sale, the corporate generated complete gross sales proceeds reached $36.5 million.
Relationship again to 1976, the property was totally leased on the time of the deal. The middle’s tenant roster contains Starbucks, Burlington, Passion Foyer, Petco, Chipotle, Shoney’s and SunTrust Financial institution, amongst others. The buying middle serves roughly 70,000 shoppers, with a median family revenue of roughly $90,000.
Bermuda Sq. sits on a 15-acre website at 12601 Jefferson Davis Freeway, simply off Interstate 95 and 15 miles south of downtown Richmond, Va., whereas central Petersburg, Va. is lower than 10 miles away.
The retail sector has been recovering prior to now years, with funding gross sales and client spending on the rise. Final month, one other buying middle in Richmond modified arms. CTO Realty Progress paid $93.9 million in a 1031 change for a 392,000-square-foot, grocery-anchored asset.
