FORGE ANNOUNCES SALE OF DISSTON PLAZA AND POLO GROUNDS MALL
Forge Real Estate Partners III, LP (the “Fund”), a joint venture between Forge Capital Partners and The Sembler Company, is pleased to announce the sale of Disston Plaza and Polo Grounds Mall.
The Fund purchased Disston Plaza in 2015 and completed a major renovation in 2018, which included rebuilding the Publix space to the latest company prototype. In addition to the Publix anchor, the 97% leased center is home to Bealls Outlet, Dollar Tree, Suncoast Resale Shoppe, Anytime Fitness and more. Situated on 12.03 acres within the high-barriers-to-entry South Pinellas submarket, Disston Plaza is located at the intersection of 49th Street North and 38th Avenue North, which has a combined traffic count of approximately 40,400 vehicles per day and serves a trade area of over 133,870 residents within three miles.
Completed in 1966, Polo Grounds Mall has been the dominant grocery destination in West Palm Beach for more than half a century. The retail center was renovated in 2007, which included a full rebuild of the Publix space, and is fully leased to a variety of tenants, including Bealls Outlet, Rainbow, Medical Consultants of Florida, United States Postal Service, Chase, Wing Stop and Papa Johns. Polo Grounds Mall is located on 15.9 acres and serves a dense trade area that includes 147,191 residents within a three-mile radius. Additionally, the center’s location makes it visible to approximately 70,000 vehicles a day.
Forge Capital Partners is a diversified, commercial real estate investment and investment management company. Forge has built a solid track record as an acquirer and operator of commercial real estate, specializing in socially responsible projects throughout the Southeast. Since 2000, Forge and its principals have successfully sponsored and managed four real estate oriented, closed-end private equity funds, and executed over a billion dollars in retail and multifamily real estate transactions.
The Sembler Company, formed in 1963, is one of the premiere full-service real estate companies in the United States. Specializing in commercial retail development, Sembler has developed over 300 properties throughout the Southeast and Puerto Rico, consisting of 27 million square feet and including 44 Publix-anchored centers and 25 Target-anchored centers. The company currently manages and leases over 10 million square feet of company owned and third party retail properties.