FORGE ANNOUNCES SALE OF SUMMER CENTER
Forge Real Estate Partners IV, LP (the “Fund”), a joint venture between Forge Capital Partners and The Sembler Company, is pleased to announce the sale of Summer Center, a 97% occupied 136,673 square foot Kroger anchored shopping center located in East Memphis, Tennessee.
Kroger has nearly 32 years of operating history at Summer Center, illustrating a long-standing commitment as the neighborhoods preferred full-service grocer. The property is also home to other national tenants such as Ross Dress for Less, Five Below and Aarons. The Fund acquired the property in June 2018 and created value through increasing occupancy from 90% to 97% and re-merchandising the tenant mix including the additions of Five Below and Aarons.
The property was sold to United Properties Corp. based in East Meadow, New York.
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 30 million square feet and national retailers such as Publix and Target. The company currently manages and leases over 8 million square feet of company owned and third-party managed retail properties.