FORGE ANNOUNCES SALE OF TARRYMORE SQUARE
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 Tarrymore Square South, a 211,436 square foot shopping center located in Raleigh, North Carolina.
The Fund purchased the shopping center, along with an outparcel leased to Walgreens and an adjacent strip center known as Tarrymore Square North, in January 2014. Occupancy at the time of acquisition was 63%. During its ownership period the Fund increased occupancy to 91% and added national retailers such as O’Reilly Auto Parts, Citi Trends, and Badcock Home Furniture to the tenant line-up. The shopping center was purchased by a local investment group.
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.