FORGE ANNOUNCES SALE OF SPRINGDALE 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 Springdale Shopping Center, a 163,145 square foot shopping center located in Austin, Texas.
Springdale Shopping Center is a fully occupied H-E-B grocery anchored shopping center located in the rapidly growing city of Austin, Texas. H-E-B is the preeminent market leading grocer in Texas and has operated at the property for over forty years. Positioned directly on the recently completed US 183 corridor, the center is competitively positioned to continue benefiting from East Austin’s aggressive commercial and residential growth. The Fund purchased the asset in December of 2014 and added value through re-tenanting a junior anchor box, upgrading existing tenant mix, and making significant capital improvements. The shopping center was sold to EDENS, a nationally recognized owner, operator and developer of retail shopping centers.
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.