HOUSTON, TX – The Sembler Company (Sembler) and Forge Capital Partners (Forge), through their Forge Real Estate Partners V investment fund (FREP V) announce the acquisition of Eldridge Town Center, a 144,000-square-foot Kroger-anchored shopping center in northwest Houston.
“Eldridge Town Center is a strong addition to our portfolio, combining an established grocery anchor, a proven tenant mix and a location surrounded by dense residential communities,” said Sean Davis, Chief Operating Officer, The Sembler Company. “The center has served this community for more than 25 years, and we see an opportunity to build on that foundation while creating additional value for our tenants, shoppers and investors.”
Built in 2000, Eldridge Town Center is approximately 96% leased and anchored by Kroger, which has operated at the location for 25 years. The center features a mix of national, regional and local retailers, restaurants and service providers, including Petco, Panera Bread, Chase Bank, Chipotle Mexican Grill, GNC, T-Mobile, Supercuts and a shadowed anchor Kohl’s, among others.
Eldridge Town Center is strategically positioned near the intersection of FM 1960 West and North Eldridge Parkway, with convenient access to major connectors US-290 and the Sam Houston Tollway. The property sits within one of northwest Houston’s primary retail nodes, alongside major retailers including Walmart Supercenter, Target and Home Depot. The surrounding five-mile trade area includes more than 166,000 residents, an average household income of approximately $107,000 and more than $4.2 billion in spending power.
Through their funds, Sembler and Forge have now acquired 26 shopping centers together across Florida, Georgia, North Carolina, Tennessee, Virginia, and Texas. The acquisition reflects FREP V’s continued focus on established retail properties in strong growth markets and reinforces the company’s longstanding strategy of investing in grocery-anchored centers that serve the everyday needs of their surrounding communities. FREP V focuses on acquiring, developing, and redeveloping retail real estate projects in the southeastern United States. As a community development entity, FREP V aims to provide strong investor returns while fostering economic revitalization, business development, and job creation in underserved communities. Investors include public financial institutions benefiting from Community Reinvestment Act credit for these investments.
For leasing information at Eldridge Town Center, contact Serina Morison at serina.morison@sembler.com.
About The Sembler Company
Founded in 1962, The Sembler Company is a family-owned and -operated commercial real estate company that offers a full roster of services including development and redevelopment, acquisition, leasing and property management. Headquartered in St. Petersburg, Fla., the company has completed more than 350 developments totaling 29 million sq. ft. with eight million sq. ft. of real estate leased and managed. For more information visit sembler.com.
About Forge Capital Partners
Forge Capital Partners is a diversified, commercial real estate investment and investment management company. The firm carries out its business strategy by sponsoring value-add retail real estate private equity funds. Since 2000, Forge and its principals have successfully sponsored real estate-oriented, closed-end private equity funds, and executed over $1 billion of retail and multifamily real estate transactions. Forge is headquartered in Tampa, Fla. For more information about Forge Capital Partners, please visit forgecapitalpartners.com
