Sembler and Forge acquire two new shopping centers

St. Petersburg, Florida - The Sembler Company and Forge Capital Partners, in their Forge Real Estate Partners III investment fund, have recently purchased two shopping centers: Causeway Shopping Center in Indian Harbour Beach, Florida, and Springdale Shopping Center in Austin, Texas.



FREP now owns five shopping centers, and the joint venture is actively seeking additional investments in grocery-anchored shopping centers throughout the Southeast.



“The Sembler Company has been affiliated with the Causeway property for over 20 years as its manager and leasing agent. We’re very excited to now hold an ownership interest in such a strong performing property via FREP,” said Sembler CEO Ron Wheeler. “Additionally, the Springdale acquisition marks both FREP’s and Sembler’s first investment in Texas – a strong, growing market that we’ve targeted for quite some time.



Causeway Shopping Center is a 107,000-sq.-ft. property located at the southeast corner of S. Patrick Drive and Eau Gallie Boulevard in Indian Harbour Beach, Florida. The center is currently 94% occupied, and anchored by Ross, Office Depot and Bealls Outlet.



Springdale Shopping Center is a 164,000-sq.-ft. property located at the southwest corner of Ed Bluestein Highway (US Hwy 183) and Springdale Road in Austin, Texas. The center is currently 99% occupied, and is anchored by an H-E-B grocery store. Other key tenants include Didi’s, Family Dollar, O’Reilly Auto Parts, and Fashion Outlet. The Sembler Company will serve as Property Manager and Leasing Agent for both properties.