GBT Realty Delivers 600K of Retail

LOUISVILLE—This metro area's economy has rebounded from the recession and demand for new retail space has become quite robust. GBT Realty Corp. a national real estate developer based in Brentwood, TN, for example, ended the first quarter of 2015 having delivered 600,000 square feet of new space to the market. Its three new centers already have a combined occupancy of 95% and represent a $120 million investment in Louisville by GBT over the past 16 months.

“And there are no signs of us slowing down,” says George Tomlin, president and chief executive officer of GBT. “GBT is currently finalizing two more deals in Tennessee and North Carolina putting another 200,000 square feet of new retail development on the map and in our portfolio within the next 30 days.”

A host of top retailers rent out space in the 230,000 square-foot Jefferson Commons, located in Louisville near I-65, I-265 and Louisville International Airport. Academy Sports + Outdoors, Firehouse Subs, Hancock Fabrics, HH Gregg, Five Below, Mattress Firm, Men's Warehouse, Michael's Arts and Crafts, Shoe Carnival and Sports Clips have already opened. Aspen Dental and Liquor Barn will open in June with Lee Nails, Buffalo Wild Wings, Five Guys Burgers and Fries and Chick-fil-A set to open in May and June. Qdoba and Panera Bread round-out the restaurants and will open in late summer. The center still has 10,900 square feet of small shop space available.

And tenants already agreed to occupy 96% of Middletown Commons, a 240,000 square-foot neighborhood center, also in Louisville and near the Valhalla Golf Club. GBT recently added Sally Beauty to the tenant roster. And Supercuts, Taziki's Mediterranean Café, Ward's Dental and Yang Kee Noodle will open in May and June. The rest of the center will have a collection of soft and hard goods, dining and service amenities, including Academy Sports + Outdoors, AT&T, First Lady Nail Spa, Five Below, Hobby Lobby, Liquor Barn, Rack Room Shoes, Ross Dress for Less and Rue 21. The new dining options join Blaze Pizza, Boombozz Pizza and Taphouse, Chick-Fil-A, Chipotle, The Comfy Cow, Firehouse Subs and Texas Roadhouse.

And at the intersection of Ring Rd. and Woodland Dr. in suburban Elizabethtown, GBT just completed the 126,000 square-foot Woodland Commons and has signed leases for 98% of the space. Hobby Lobby and Academy Sports + Outdoors have agreed to anchor the center, which will also feature a Buffalo Wild Wings that will open this fall.

In addition to these Louisville developments, GBT has two additional retail centers under development in TN and NC. Located in Fayetteville, NC, GBT's Carolinas development will have 150,000 square feet on a 16-acre site along US Hwy. 401. And the company also has plans for a $15 million grocery-anchored shopping center on Hwy. 231 on the north side of Murfreesboro, a submarket in the Nashville metro area.