The Sembler Company Highlights Deals and Leasing at RECON
The Sembler Company will highlight its latest deals and leasing opportunities at this year’s ICSC RECON, May 21-24. Meet the Sembler team at Booth S320Q.
Looking to RECON, CEO Ron Wheeler said, “Our team is excited to talk about all that’s going on at Sembler. We’re doing more new, ground-up development than we have in many years, and our acquisition fund is robust and growing. We remain committed to developing, acquiring and enhancing existing centers that meet the needs of the communities they serve by bringing in exceptional tenants and providing them the best opportunity to succeed.”
Sembler has approximately 530,000 square feet under development across the Southeast, with strong growth in the grocery-anchored sector accounting for the majority of development. Projects under active development include:
Amberly Place – Cary, NC
A Publix-anchored, non-traditional, pedestrian-oriented shopping center located in the
growing Raleigh suburb.
Project Size: 72,000 SF
West Villages Marketplace – Sarasota County, FL
First commercial opportunity in the West Villages, a rapidly growing master-planned
community between the urban centers of Venice and North Port.
Project Size: 80,000 SF
Shoppes at Trinity Lakes – Pasco County, FL
Publix-anchored neighborhood center in huge development with regional impact.
Project Size: 62,000 SF
Midtown Marketplace – Madison, AL
Aerial video link: – https://www.youtube.com/watch?v=lWpwzJ1c9wY
A Kroger-anchored neighborhood shopping center
Project Size: 114,000 SF
Disston Plaza Redevelopment – St. Petersburg, FL
A Publix-anchored shopping center redevelopment on a busy intersection in St.
Petersburg.
Project Size: 130,000 SF
Bradford Creek – Huntsville, AL
A neighborhood center, anchored by north Alabama’s first Kroger Marketplace.
Project Size: 145,000 SF
In addition to growing Sembler’s core business — centered on grocery-anchored centers and single-tenant, build-to-suit development — Sembler has entered into a new venture with Atlanta-based Berkley Development, led by industry veteran Mike Cohn. The Sembler/Berkley venture will seek out retail projects primarily in the southeastern U.S.
LEASING
Sembler is actively leasing its new ground-up development projects as well as centers already in the portfolio. Anchor tenant space is available at the newly acquired Humblewood Center, near Houston, TX, and Springwood Shopping Center in Austin, TX. Occupancy over Sembler’s entire managed portfolio averages approximately 95% including Sembler owned and third party properties throughout the Southeastern U.S. and Puerto Rico.
BUILD-TO-SUIT/OUTPARCELS
Sembler’s Build-To-Suit division continues building out stores across the Southeast and Puerto Rico for users in a variety of categories. Particularly, Sembler is actively doing deals with tenants such as Advance Auto Parts, O’Reilly’s Auto Parts, Take 5 Oil Change, Express Oil, Chick-Fil-A, McDonald’s, Wendy’s, Wawa, and Circle K. Sembler closed transactions on sales or ground leases for three outparcels in the first part of 2017.
ACQUISITIONS
Sembler, both directly and through its venture with Forge Capital Partners in their Forge Real Estate Partners III (FREP) investment fund, continues seeking to acquire shopping centers throughout the southeastern U.S. and Puerto Rico. The joint venture remains focused on value-add repositioning and redevelopment opportunities in these geographies.
FREP has acquired two shopping centers in 2017: Seneca Square in Charlotte, North Carolina, and Humblewood Center in Houston, Texas. To date, FREP has invested in ten shopping centers in Florida, North Carolina and Texas, representing over 1.3 million square feet of leasable area.
