|ST. PETERSBURG, FL – (January 19, 2014) – The Sembler Company and Forge Capital in their Forge Real Estate Partners III (FREP) investment fund via joint venture with East Coast Acquisitions have purchased a shopping center in North Raleigh located at 3901 Capital Boulevard near Triangle Center Mall. This is FREP’s second acquisition, and the joint venture is actively seeking additional acquisitions of grocery-anchored shopping centers throughout the Southeast.
Tarrymore Square is a 256,805 SF shopping center and is currently 65% occupied. Existing tenants include Walgreens, Rugged Warehouse, Surplus Warehouse, Rainbow Fashions, Rent-A-Center and Miller-Motte Technical College.
The Joint Venture plans on renovating the shopping center and is working with a regional grocer and a retailer of fashion apparel, shoes, accessories and home décor for the entire family. These leases will boost occupancy to about 85% by year-end 2014. The Sembler Company will serve as the property’s Manager and Leasing Agent. Negotiations are ongoing with additional national and local retailers to lease the remaining available space in the center.
FREP is focused on the acquisition, development and redevelopment of commercial retail real estate projects primarily in the southeastern United States and Puerto Rico.
FREP is a community development entity whose intent is to provide returns to investors seeking socially responsible investment opportunities while promoting economic revitalization, business development, and job creation in or near low and/or moderate-income communities. Initial investors include public financial institutions that will receive credit under the Community Reinvestment Act for such investments.
“The primary purpose of the fund is to invest in value-added opportunities and this North Carolina asset meets all of our criteria. We have an active pipeline and continue to look for opportunities throughout the southeast, Texas and Puerto Rico,” said Sembler CEO Ron Wheeler.
The Sembler Company is celebrating over 50 years of creating retail real estate value. Sembler provides a full array of retail real estate services, including development and redevelopment, property and asset management, leasing and other related services throughout the Southeastern United States and Puerto Rico. Sembler has developed over 325 projects totaling 27 million square feet and currently leases and manages over 12.5 million square feet. For more information, please visit www.sembler.com.
About Forge Capital Partners
Forge Capital Partners is a diversified, commercial real estate investment and investment management company. The company carries out its business strategy by sponsoring value-add retail real estate private equity funds. Since 2001, Forge and its principals have successfully sponsored three closed-end private equity funds: In conjunction with debt financing, these funds seek to invest over $1 billion of capital, over $500 million of which has already been invested. Forge is headquartered in Tampa, Fla. For more information about Forge Capital Partners, please visit www.forgecapitalpartners.com.