Newly-formed Capital Holdings Division snags second property for upgrade, expansion.
GBT Realty Corporation, a leading national commercial development company headquartered in Brentwood, Tenn., announces the second acquisition by its Capital Holdings Division, a division in pursuit of under-performing assets for long-term hold.The real estate firm acquired a 75-year ground lease from 19400 Cochran Boulevard Holdings, LLC for a nine-acre site in Port Charlotte, Fla. that currently houses a vacant Kmart building. No additional terms are available.
“It’s no secret that there is pent-up value in this site both within the vacant structure as well as the under-utilized land,” explains Scott Porter, managing director, Capital Holdings, GBT Realty. “Our preliminary plans call for renovating and upgrading the building that formerly housed Kmart as well as adding more square feet with new structures so wecan accommodate some of the most popular names in retail, services and restaurants. With Best Buy, Home Depot and Walmart anchoring this corridor, the market is ripe for new offeringsat this intersection.”GBT is currently in negotiations with several potential national tenants.
Located at the intersection of Tamiami Trail/USHighway 41 and Cochran Boulevard, Port Charlotte Marketplace features a vacant 108,500-square foot building behind Aspen Dental and Verizon(not part of the acquisition) immediately adjacent to the intersection.A signalized entrance is located at the east side of the property on Cochran.
Located approximately 40 miles south of Sarasota, Port Charlotte is the largest city in Charlotte County, the 29th largest county in Florida, with more than 178,000 residents and an average household income of nearly $65,000 within 10 miles of the site.
The Capital Holdings division pursues grocery-anchored, discount-focused and service-oriented retail assets where opportunities exist for re-merchandising, architectural and design improvements, management protocols, debt recapitalization and/or land-use reallocation. Targeting properties throughout the Southeast, Southwest and Midwest, the firm expects to acquire $1 billion of retail centers from institutional as well as private owners over the next eight to 10 years.
Capital Holdings adds to GBT’s current business lines of Shopping Center, Net Lease and Diversified Development that,when combined, includes more than three million square feet of commercial assets in 22 states.
About GBT Realty Corporation
Founded in 1987, GBT Realty Corporation develops virtually all types of retail and mixed-use developments throughout the United States from its headquarters in Brentwood, Tennessee, a suburban Nashville community. Since inception, GBT has been involved with the development, construction, leasing and management of over $6 billion of real estate totaling 35 million square feet of grocery-anchored, neighborhood and single-tenant retail; regional power centers; and mixed-use developments in 27 states. The team’s combined decades of experience with local, regional and national tenants includes such names as Academy Sports + Outdoors, Target, Hobby Lobby, Sprouts Farmers Markets, Publix Supermarkets, Walgreens, Kroger, Dollar General, Ross Dress for Less, Kohl’s, Bed Bath and Beyond, T.J. Maxx, Marshalls, PetSmart and Old Navy. Currently, the company has over $1 billion of commercial assets totaling five million square feet in the pipeline or under construction by its shopping center, net lease, capital holdings and diversified development divisions. For more information visit gbtrealty.com.