FORGE ANNOUNCES SALE OF GAINESVILLE SHOPPING CENTER
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 Gainesville Shopping Center, a 182,298 square foot grocery-anchored shopping center in Gainesville, Florida.
Anchored by a Publix Supermarket, the property is also home to a diverse mix of retail, restaurant and service-based tenants including Family Dollar, Pizza Hut and PNC Bank. The property is well positioned along N Main Street just north of Downtown Gainesville and the University of Florida. The Fund acquired the property in January 2018 and increased occupancy from 80% at acquisition to 97% at the time of sale. The property was sold to Essential Growth Properties out of Cincinnati, Ohio.
Forge Capital Partners is a diversified, commercial real estate investment and investment management company. Forge has built a strong 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 350 properties throughout the Southeast and Puerto Rico, consisting of 29 million square feet and national retailers such as Publix and Target. The company currently manages and leases over 10 million square feet of company owned and third-party managed retail properties.