Grocery retailer Giant Food Stores has sold the Bermuda Square shopping center in Chesterfield County that it bought two years ago.
GBT Realty Corp., a Brentwood, Tenn.-based commercial development and investment company, acquired the 84,000-square-foot shopping center at Jefferson Davis Highway and West Hundred Road in Chester for $18.6 million in late November.
The only available space for lease at the center is the former Martin’s Food Markets anchor space and a 6-acre pad site that is ready for development.
Bermuda Square is where Martin’s had a 34,700-square-foot store that it closed in August 2017 as the chain exited the market to satisfy federal regulators so the parent companies of Martin’s and Food Lion could merge. Martin’s sold 10 area locations to Publix and closed the others.
Giant Food Stores, the sister chain to Martin’s, bought the shopping center for $13.7 million in October 2017, county property records show.
Martin’s had announced in 2015 plans to replace the store with a new 66,500-square-foot supermarket in the same shopping center but that never materialized.
“We made significant progress in backfilling the existing anchor vacancy and solidifying tenancy for the undeveloped parcel during due diligence,” said Scott Porter, managing director of capital holdings for GBT Realty. “We expect to add a few new names to our tenant line-up soon.”
The 6-acre pad is currently zoned to accommodate up to 66,000 square feet commercial development, Porter said.
The 14.65-acres shopping center has two multi-tenant buildings and six single-tenant outparcels. Tenants include Petco, Starbucks, Chipotle, SunTrust, Mattress Firm, Shoney’s and Virginia ABC. A Valvoline store is expected to open in late summer.
The property is assessed for $10.28 million, county property records show.
Buying the Bermuda Square shopping center marked GBT Realty’s first investment property in the Richmond region.
GBT Realty, founded in 1987, has developed, constructed, leased and managed more than $7 billion of real estate totaling 37 million square feet in 27 states.
Catharine Spangler with Cushman & Wakefield | Thalhimer’s Capital Markets Group handled the sale negotiations. David Crawford and Pete Waldbauer, also with Cushman & Wakefield | Thalhimer, served as leasing advisors during the disposition.