GBT Realty announces more Alabama retail with the Shoppes of Albertville

Huntsville, Ala. -- GBT Realty Corporation announced even more retail development in northern Alabama with The Shoppes of Albertville. Just off the heels of two similar projects recently announced in the regional market, GBT is developing an $18 million, 135,000-square foot retail center along Albertville’s primary commercial corridor. The company acquired the 13.2 acres on Dec. 29 and construction is currently underway.



The shopping center is currently 92% leased. The initial tenant line-up features PetSmart, T.J.Maxx, Hobby Lobby, Ross Dress for Less and Hibbett Sports. The center is expected to be completed spring 2016.



GBT entered into a development agreement with the city whereby the city agreed to sell bonds to provide $5 million of funding to offset predevelopment and development costs. Subsequently, a portion of the sales tax generated at the shopping center will pay-off the bonds.



“The Shoppes of Albertville is situated at the intersection of the primary north/south and east/west commercial corridors through northeast Alabama, approximately half-way between Huntsville and Gadsden – ideal sites to support the expansion plans of our retail partners,” said Thom Hickman, senior VP, acquisitions and development, GBT.



The Shoppes of Albertville is the latest development added to GBT’s Alabama portfolio of community centers that also includes the most recently announced expanded Strong Station in Huntsville, Vestavia Commons and Crossings of Hoover, both in the Birmingham MSA. Currently, GBT has more than $65 million of retail development totaling over 300,000 sq. ft. planned or under development throughout Alabama, including bringing the first two Sprouts Farmers Markets to Alabama.