ST. PETERS — Commercial real estate developer GBT Realty Corp. has sold The Shoppes of Mid Rivers for $40.7 million, the company announced.

GBT Realty, based in Nashville, developed and built the St. Peters retail center, located off Interstate 70 and Mid Rivers Mall Drive near the mall, in 2018. It was the largest retail center to be built in St. Charles County since 2008.

The buyer was New York-based Jenel Real Estate. Commercial real estate firm JLL represented GBT Realty in the deal, according to a release.

National retailers such as Burlington, Academy Sports, HomeGoods and Ulta Beauty lease space at The Shoppes of Mid Rivers, which is 99% occupied, GBT Realty said. It also includes restaurants such as Cooper’s Hawk Winery & Restaurant and Pappy’s Smokehouse.

Pace Properties Senior Vice President Evan Barnett, who was not involved in the deal, said The Shoppes of Mid Rivers is an ideal acquisition because it’s relatively new, has stable retailers with new leases and likely has limited, if any, deferred maintenance.

“Brick-and-mortar centers are not dead,” Barnett said. “Retailers continue to expand, new concepts are entering the market and the evolution of retail continues to occur.”