FORGE ANNOUNCES SALE OF SENECA SQUARE 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 Seneca Square, a 77,011 square foot shopping center located in Charlotte, North Carolina.
Seneca Square is well positioned along South Boulevard which acts as a major commercial thoroughfare within the South End submarket that is experiencing significant growth and redevelopment. The Fund purchased the shopping center in March of 2017 through a REO transaction and added value by increasing the occupancy by 17%. The shopping center was sold to Centrum Realty & Development out of Chicago, Illinois.
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.