ST. PETERSBURG, FL – The Sembler Company and Forge Capital Partners, through their Forge Real Estate Partners FREP V investment fund (“FREP V”), recently acquired Paradise Place, a 72,961 square-foot neighborhood shopping center located at the intersection of N. Haverhill Road and Roebuck Road.
Anchored by a high-performing Publix Supermarket, Paradise Place is ideally positioned between Interstate 95 and Florida’s Turnpike, benefiting from visibility and access to over 66,000 vehicles per day. The center is currently 98% occupied and features a strong lineup of national and regional tenants including Dunkin Donuts, Sage Dental, and Goodwill.
“This acquisition fits squarely within our strategy of targeting necessity-based retail centers in dense, growing markets,” said Sembler CEO Greg Sembler. “West Palm Beach is part of the thriving South Florida MSA—the most populous MSA in the state and the seventh largest in the country—and we’re pleased to expand our presence in such a dynamic region.”
“Publix continues to be a cornerstone tenant that drives daily traffic and community engagement,” said Caetie Berger, Managing Director at Forge Capital Partners. “We’re excited to partner with our tenants and further enhance this well-established retail destination.”
Sembler will serve as Property Manager and Leasing Agent. For leasing inquiries, please contact Serina Morison at serina.morison@sembler.com.
Through their funds, Sembler and Forge have now acquired 24 shopping centers together across Florida, Georgia, North Carolina, Tennessee, Virginia, and Texas. The partners remain actively engaged in seeking additional investments in grocery-anchored shopping centers throughout the Southeast.
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.
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
