FORGE ANNOUNCES SALE OF NAPLES LAKE VILLAGES CENTER
Forge Real Estate Partners IV, LP, a joint venture between Forge Capital Partners and The Sembler Company, is pleased to announce the sale of Naples Lake Villages Center, a 59,863 square foot grocery anchored shopping center located in Naples, Florida.
Naples Lake Villages is anchored by a high-volume Publix Supermarket, with the remaining spaces leased to a diverse mix of service, restaurant and wellness uses. The property is strategically located within a high income and rapidly growing suburban trade area with significant natural barriers to entry. Over 3,600 new residential units are planned or under construction within 3 miles of the property. The Fund acquired Naples Lake Villages Center in April of 2019 and has since added value through capital improvements and tenant retention.
This property was sold to an affiliate of Carlyle Management out of New York.
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.