New Richmond-area Hobby Lobby sells for $6M
JLL Capital Markets completed the sale of the single-tenant, net-leased asset in Chester, Virginia
RICHMOND, V.A., April 12, 2021 – JLL Capital Markets announced today that it has closed the $6 million sale of the Hobby Lobby at Bermuda Square, a newly constructed, 50,000-square-foot single-tenant retail building net leased to Hobby Lobby in the suburban Richmond community of Chester, Virginia.
JLL marketed the property on behalf of the seller, Tennessee-based GBT Realty Corporation. An institutional owner acquired the asset.
Hobby Lobby is the largest privately owned arts and crafts retailer in the world with more than 900 stores and 43,000 employees operating in 46 states. The Hobby Lobby at Bermuda Square was completed in 2021 on a 1.17-acre site at the Bermuda Square shopping center, which also includes a mix of some of the most recognizable names in retail.
The building is only 600 yards from Interstate 95 and located at the corner of a busy intersection with combined traffic counts of 64,000 vehicles per day. This location is within 14 and 18 miles of the next closest Hobby Lobby, filling a large void for the company in the southern part of the Richmond MSA.
The JLL Capital Markets team that represented the seller was led by Senior Managing Director Brad Peterson, Director Michael Brewster, Senior Director Jordan Lex and Analyst Joseph Naas.
“From a real estate perspective, Hobby Lobby needed a store here to serve a missing quadrant of the Richmond MSA,” Brewster said. “And with no long-term debt on the balance sheet, net-lease investors love Hobby Lobby.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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. In recent years, the real estate company has completed over 6 million square feet of development totaling over $1 billion of project cost in 27 states through its shopping center, net lease and diversified development platforms. Since inception, GBT has been involved with the development, construction, leasing and management of over 30 million square feet of retail including grocery-anchored shopping centers, neighborhood centers, single-tenant buildings, regional power centers and mixed-use developments. The team’s combined decades of experience with local, regional and national tenants includes such names as Academy Sports + Outdoors, Hobby Lobby, Sprouts Farmers Markets, Publix Supermarkets, Walgreens, Dollar General, Ross Dress for Less, Kohl’s, Bed Bath and Beyond, T.J.Maxx, Marshalls, PetSmart and Target, to name a few. Currently, the company has $1 billion of commercial development totaling five million square feet in the pipeline and under construction.