Sembler Co. shifts into high gear
St. Petersburg, Fla. — On the eve of RECon 2014, The Sembler Co. is gunning its development, property management and acquisition motors. The company has more than 2.8 million sq. ft. in various stages of ground-up development. Its leasing and retention rates are at the highest levels in years. And the company’s acquisition program is active as well.
On the development side, Sembler and partner Lennar Commercial are in the predevelopment stage of an 800,000-sq.-ft. regional shopping center called Town Madison in Madison, Alabama.
Sembler has also completed two Wawa stores in Florida and four Walgreens stores in Puerto Rico in the last six months.
The firm’s third-party management and leasing assignments are up — rising 900,000 sq. ft. in 2013 alone.
“Our management portfolio is over 95% leased,” said Steve Althoff, senior VP of leasing and property management. “The centers are better occupied, with retention rates at their highest in years.”
As for acquisitions, Sembler and Forge Capital have purchased a number of shopping centers through their Forge Real Estate Partners III investment fund.
Acquisitions include Tarrymore Square, a 256,805-sq.-ft. center in north Raleigh, North Carolina. Since the purchase, two new tenants — Compare Foods and Citi Trends — have commenced construction.
The fund’s most recent purchase, Dale Mabry Shopping Center in Tampa, Florida, is currently 100% leased after a smooth transition of its anchor store from Sweet Bay to a Winn Dixie.
Varoooom.