The Sembler Company and Forge Capital Partners, in their Forge Real Estate Partners IV (FREP) investment fund, recently purchased Kennesaw Walk, a 68,744-square-foot retail center located at the northeast corner of Jiles Rd. and Baker Road one mile west of I-75, in Kennesaw, GA, near Atlanta.
Anchored by Publix, the center is currently 95% occupied. It serves a booming submarket outside Atlanta that has seen more than 12% population increase since 2010, and is projected for more growth.
“Kennesaw Walk is on the going-home side of a heavily traveled commuter route, and well situated to benefit from the continued growth in the area,” said Sembler Chief Investment Officer Sean Davis. “It complements our fund strategy of adding value through leasing and management.”
“Sembler has a 54-year history operating in all aspects of retail real estate: acquisitions, leasing, management and development,” said Sembler CEO Ron Wheeler. “That considerable expertise adds value to our centers and the communities we serve.”
There are three spaces currently available in the center, each approximately 1,080 square feet. Sembler will serve as Property Manager and Leasing Agent; Emily Mills (Emily.Mills@sembler.com) is the contact for property leasing information.
Through their FREP ventures, Sembler and Forge have acquired 14 shopping centers together in Florida, Georgia, North Carolina, Tennessee and Texas – and are actively seeking additional investments in grocery-anchored shopping centers throughout the Southeast. Kennesaw Walk is FREP’s second acquisition in Georgia, where Sembler maintains an office (in Atlanta) and operates several other properties.
FREP is focused on the acquisition, development and redevelopment of retail real estate projects in the southeastern United States and Puerto Rico. FREP is a community development entity whose intent is to provide returns to investors seeking socially responsible investment opportunities while promoting economic revitalization, business development, and job creation in or near low and/or moderate-income communities. Investors include public financial institutions that will receive credit under the Community Reinvestment Act for such investments.
Contact: Amy Spoor, (850) 443-8989, AmyCSpoor@gmail.com
About Sembler:
The Sembler Company is celebrating nearly 55 years of creating retail real estate value. Sembler provides a full array of retail real estate services, including development and redevelopment, acquisition, property and asset management, leasing and other related services throughout the Southeastern United States and Puerto Rico. Sembler has developed more than 350 projects totaling 27 million square feet and currently leases and manages 10 million square feet. For more information, please visit www.sembler.com.
About Forge Capital Partners:
Forge Capital Partners is a diversified, commercial real estate investment and investment management company. The company carries out its business strategy by sponsoring value-add retail real estate private equity funds. Since 2001, Forge and its principals have successfully sponsored four closed-end private equity funds: In conjunction with debt financing, these funds seek to invest over $1 billion of capital, over $700 million of which has already been invested. Forge is headquartered in Tampa, Fla. For more information about Forge Capital Partners, please visit www.forgecapitalpartners.com
