GBT Realty Lands 3rd Shopping Center in 6 Months
- Jan 09, 2018
GBT Realty Corp.’s Capital Holdings division has purchased Overlook Village, a 153,820-square-foot shopping center in Asheville, N.C., for $25.5 million. The sale marks GBT Realty’s third acquisition in the past six months. In September 2017, the company purchased the McFarland Plaza Shopping Center, a 234,124-square-foot retail center in Tuscaloosa, Ala.
Built in 1989, Overlook Village includes national tenants such as HomeGoods, T.J. Maxx and Ross Dress for Less, among others. At the time of sale, the shopping center was 80 percent leased. Redevelopment plans are expected to be finalized later this spring.
Berkeley Capital Advisors represented the seller, KIMCO Realty.
Vacant anchor space
Located along the city’s main retail corridor, Overlook Village is in close proximity to Interstate 240 and adjacent to Asheville Mall. One of the two intersections near the property is shared with Dreamland Shopping Center, that houses Lowe’s Home Improvement, Bed, Bath & Beyond and Best Buy.
“Overlook Village is an ideal acquisition opportunity given its locational drivers, barriers to entry and upside potential with the lease-up of the existing vacancies. The vacant anchor space formerly occupied by HHGregg fronts South Tunnel Road and is well-positioned due to its accessibility. The available space is a top option for tenants entering the market as well as those seeking to improve their existing storefront due to the market’s limited inventory of traditional junior box storefronts,” said Scott Porter, managing director at Capital Holdings, GBT Realty, in prepared remarks.
GBT targets under-performing, discount-focused, grocery-anchored and service-oriented assets throughout the Southeast, Southwest and Midwest. The company intends to acquire $1 billion in retail centers over the next eight to 10 years.
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