Sembler/Forge fund acquire Raleigh, N.C., center

St. Petersburg, Fla. — Forge Real Estate Partners III, co-sponsored by the Sembler Company and Forge Capital, has formed a joint venture with East Coast Acquisitions and acquired Tarrymore Square in North Raleigh, N.C.



Tarrymore Square is a 256,805-sq.-ft. shopping center with a 65% occupancy rate. Existing tenants include Walgreens, Rugged Warehouse, Surplus Warehouse, Rainbow Fashions, Rent-A-Center and Miller-Motte Technical College.



The joint venture plans to renovate the shopping center and is negotiating leases with a regional grocer and a retailer of fashion apparel, shoes, accessories and home décor. These leases would boost occupancy to about 85% by the end of 2014.



The Sembler Company (www.sembler.com) will lease and manage the property. Negotiations are continuing with additional national and local retailers to lease the remaining available space in the center.



This is the second acquisition made by Forge Real Estate Partners III, which is focused on the acquisition, development and redevelopment of commercial retail real estate projects primarily in the southeastern United States and Puerto Rico.