Brentwood, Tennessee-based GBT Realty Corp. plans to deploy $1.3B to develop build-to-suit retail properties and acquire shopping centers over the next year and a half.
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The company, which has $1B of assets under management, announced the plan Wednesday, saying it hopes to exceed $3B in AUM with the deployment.
GBT's release says the company plans to start construction on 33 projects over the next 18 months and has hired 12 employees in its land acquisition, new development and leasing verticals.
The company said it is putting up its own equity and has a “key capital partner” in AEW Capital Management. It also said it is securing capital from family offices and individuals, and it has nearly $500M in lending commitments.
GBT Realty CEO Brian Dawson, who joined the firm last spring, said in a statement that he began talking about this strategy two years ago with GBT founder George Tomlin as a way to “drive the company forward into a new era.”
He said he ultimately aims to make GBT one of the largest retail real estate players in the country.
“While we are entering an execution phase, our ambition for deployment of capital is only beginning,” Dawson said. “This $1.3 billion isn’t a one-off. We will build additional funds as we chart our path forward.”
Dawson came to GBT from Hoffman & Associates, developer of D.C. megaproject The Wharf.
Founded in 1987, GBT largely owns strip shopping centers in the southern U.S., with 5M SF under management. Eleven of the 35 properties in its portfolio are in its home state of Tennessee, including two mixed-use residential towers.
It also owns the Ellsworth Place mall in Silver Spring, Maryland, on top of which it plans to build a 450-unit apartment building.
In 2025, it acquired three shopping centers and delivered six Sprouts Farmers Market-anchored centers in various markets.
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