Sembler, Forge Announce Retail Center Acquisition in Gainesville
The Sembler Company and Forge Capital Partners, in their Forge Real Estate Partners III (FREP) investment fund, recently purchased Gainesville Shopping Center, a 185,000-square-foot property located at the northwest corner of N. Main Street and N.W. 10th Avenue in Gainesville, Florida.
The center is currently 91% occupied, and anchored by Publix, Beauty Max and Family Dollar. “Northeast Gainesville is going through an exciting period of growth and transformation, and Gainesville Shopping Center is a well-established center anchored by Florida’s premier grocer,” said Sembler Chief Investment Officer Sean Davis. “It’s a great fit for our fund to add value through leasing and improvements.”
“Sembler has a 54-year history operating in all aspects of retail real estate: acquisitions, leasing, management and development,” said Sembler CEO Ron Wheeler. “That considerable expertise adds value to our centers and the communities we serve.”
The Sembler Company will serve as Property Manager and Leasing Agent for the property. Nichole Popovics (nichole.popovics@sembler.com) is the contact for property leasing information.
FREP now owns nine shopping centers in Florida, North Carolina and Texas – and the joint venture partners are 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.
