The increased adoption of information and communication technology for smart grid applications will require innovative cyber-physical system (CPS) testbeds to support research and education in the field. The groundbreaking CPS testbeds with realistic and scalable platforms have progressively gained interest in recent years, with electric power flowing in the physical layer and information flowing in the network layer. However, CPSs are critical infrastructures and not designed for testing or direct training, as any misbehaving in an actual system operation could cause a catastrophic impact on its operation. Based on that, it is not easy to efficiently train professionals in CPSs. Aiming to support the advancement and encourage the training of industry professionals, this paper proposes and develops a complete testbed with commercial tools. The testbed can reliably replicate the performance of smart grid systems and the main potential cyber threats that electric grids may face. The complex interdependencies between the cyber and physical domains are discussed in detail, and different case scenarios are presented, providing insightful guidelines for key features and design decisions for future smart grid testbeds.