GBT Realty raises $1.3 billion for ground-up retail development and center purchases
With new retail center development at its lowest volume in decades, GBT Realty has secured funding for both new builds and acquisitions.
The Brentwood, Tenn.-based company reported that it has raised $1.3 billion in capital for ground-up development — as well as acquisitions — to be deployed over the coming 18 months.
“Two years ago, we began talking about a future for GBT that would double down on our strengths and drive the company forward into a new era,” said CEO Brian Dawson. ”We want to be one of the largest players in the retail space nationwide.”
GBT’s $1.3 billion comes from a number of sources, including key capital partner AEW Capital Management out of Boston and a variety of investors that include GBT itself.
“We’ve spent the past year transforming the company to be cutting edge for what both retailers and capital investors want. We are now executing at a scale that is unrivaled in the commercial retail market,” declared Dawson.
GBT has hired 12 new employees to handle land acquisition, new development, and leasing verticals. Dawson has now assumed the company’s CEO role to manage its aggressive posture.
The company’s founder and chief executive, George Tomlin, remains as president and chairman.
GBT manages more than 40 million square feet of development across three distinct offerings.
Its retail center practice develops, acquires, and operates centers nationwide.
Its triple net lease practice delivers institutional implementation for tenants and investors that include Walmart, 7-Eleven, Sprouts, Whataburger, and Tractor Supply.
Its diversified development practice has completed several mixed-use projects in Nashville, as well as Carnes Crossroads, an apartment and retail project in the Charleston, S.C. metro.
“This $1.3 billion isn’t a one-off,” Dawson remarked. “We will build additional funds as we chart our path forward.”
GBT Realty Corporation owns and operates grocery-anchored, single-tenant retail, power centers, and mixed-use developments in 27 states. It currently has some 5 million square feet in the pipeline or under construction.
