Nashville, Tenn. — As first announced in the cover story of April issue of Shopping Center Business, GBT Realty Corp. has now officially launched its value-add division, naming industry veteran Scott Porter to lead the new venture.
Porter and his team will pursue the acquisition of underperforming grocery-anchored, discount-focused and service-oriented retail centers that have value-add potential. GBT will then leverage its redevelopment expertise to re-merchandise, create architecture and design improvements, and maximize land use to create further value in the properties.
“We see an opportunity in the market to not only create an additional revenue stream for the company, but also align with our retail partners as they seek opportunities in tight gateway and primary markets, as well as growth-forward secondary and tertiary markets,” says George Tomlin, president and CEO of GBT Realty.
Porter brings 20 years of experience to GBT. He was most recently with Rockpoint Group, a Boston-based private equity firm. He previously served as vice president of transactions for Regency Centers.