GBT to Develop 2 Retail Centers in Southeast
- Mar 20, 2017
Baton Rouge, La. & Broken Arrow, Okla.—GBT Realty Corp. acquired two undeveloped sites for a collective $1.66 million. The company intends to develop two unanchored shopping centers in Baton Rouge, La. and Broken Arrow, Okla.
GBT purchased a .86-acre site from Target along Millerville Road in Baton Rouge, La. The 6,600-square-foot center shadow-anchored by Target, Best Buy and Office Depot was 100 percent pre-leased at the time of the deal. The site located at the nexus of 2001 Millerville Road and I-12 traded for $810,000.
The second 1.25-acre site purchased is located along a primary corridor in Broken Arrow, Okla. The 10,400-square-foot building adjacent to the upcoming QuikTrip was 70 percent pre-leased at the time of the deal, with the tenant list including Jersey Mike’s Subs, Wing Stop and Tropical Smoothie Café. The property traded for $850,000.
“GBT’s unorthodox approach to site selection allows us to essentially create the unseen site by identifying potential dirt and space previously undefined – and for the most part not on the market – in popular retail corridors,” said Craig Cole, managing director for GBT, in a prepared statement. “Breaking-up a parcel, tagging an outdated building for demolition or carving out space in under-utilized parking lots are just a few ways we create opportunity. We then leverage our tenant relationships we’ve established as the most active retail developer in the country to create critical mass among multiple smaller tenants.”
Image courtesy of GBT Realty Corp.