National commercial development and investment company GBT Realty Corp. has secured two new retail leases at Bermuda Square, a 136,600-square-foot shopping center in Richmond.
Arts-and-crafts retailer Hobby Lobby signed a 50,000-square-foot lease and off-price retailer Burlngton has signed a 34,000-square-foot lease at the shopping center. GBT acquired Bermuda Square in November from Giant Food Stores LLC for $18.6 million.
“When we acquired Bermuda Square in November, we set a goal of 100 percent occupancy within a year,” said Alan Lloyd, senior vice president of leasing at GBT Realty. “We are excited to add these great concepts to our project and to take a major step toward the execution of our redevelopment strategy. We think that the addition of Hobby Lobby and Burlington will go a long way toward meeting the needs of Chester, Va. and the surrounding community.”