ST. PETERSBURG, FL – (June 17, 2015) – The Sembler Company and Forge Capital Partners, in their Forge Real Estate Partners III (FREP) investment fund, recently purchased Polo Grounds Mall in West Palm Beach, Florida.
The 130,000-square-foot shopping center is located at the northeast corner of S. Military Trail and Summit Boulevard and is currently 90% occupied, anchored by Publix and Bealls Outlet. Sembler will serve as Property Manager and Leasing Agent. For property leasing information, contact Steve Althoff (firstname.lastname@example.org).
“We’re always looking for properties to which we can add value, and Polo Grounds Mall represents another excellent opportunity. The center is well-located in an established South Florida market, is anchored by Florida’s premier grocer, and has strong up-side potential through the leasing of current vacancies. It’s a great fit for our Fund,” said Sembler CEO Ron Wheeler.
FREP now owns six shopping centers in Florida, North Carolina and Texas – and the joint venture is actively seeking additional investments in grocery-anchored shopping centers throughout the Southeast. FREP is focused on the acquisition, development and redevelopment of retail real estate projects 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. Investors include public financial institutions that will receive credit under the Community Reinvestment Act for such investments.
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, acquisition, property and asset management, leasing and other related services throughout the southeastern United States and Puerto Rico. Sembler has developed more than 325 projects totaling 27 million square feet and currently leases and manages over 11 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.
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