Sembler To Highlight New Developments, Acquisitions at ICSC Florida Conference
The Sembler Company is heading to Orlando for ICSC Florida Conference, August 27-29, with a full slate of projects throughout the southeastern U.S. and Puerto Rico to highlight. Visit Sembler at booth #2033.
“We are looking forward to getting to Orlando to talk about opportunities in our new developments and acquisitions, in addition to our existing portfolio,” said Sembler CEO Ron Wheeler. “Our latest new development – Amberly Village – recently broke ground in Cary, North Carolina, after a very collaborative effort involving the Town of Cary, its residents and our anchor Publix. We’re proud of what that project will become as a result of that process.
“Adding value to the communities we serve is a core value at Sembler. It was particularly gratifying recently to announce our partnership with Hortons Creek Elementary in Cary, NC, the latest in Sembler’s School Grant Program,” Wheeler said. “The grant program began with three schools in St. Petersburg, and through partnerships with our centers and others, we’re hoping to give grants to ten schools this year.”
“Our acquisition program is growing steadily as well, and we continue to see quality opportunities in markets we really like,” continued Wheeler. “Our team is doing a great job of building, buying and operating centers – and being valuable partners in our communities.”
Sembler has approximately 530,000 square feet under development across the Southeast, with strong growth in the grocery-anchored sector accounting for the majority of development. Projects under active development include:
Amberly Village – Cary, NC
A Publix-anchored, non-traditional, pedestrian-oriented shopping center located in a growing Raleigh suburb.
Project Size: 72,000 SF
West Villages Marketplace – Sarasota County, FL
First commercial opportunity in the West Villages, a rapidly growing master-planned community between the urban centers of Venice and North Port.
Project Size: 80,000 SF
Midtown Marketplace – Madison, AL
A Kroger-anchored neighborhood shopping center in growing AL market Aerial video link: https://www.youtube.com/watch?v=lWpwzJ1c9wY
Project Size: 114,000 SF
Disston Plaza Redevelopment – St. Petersburg, FL
Revitalization of a Publix-anchored shopping center on one of St. Petersburg’s busiest intersections
Project Size: 130,000 SF
Seneca Square – Charlotte, NC
An Office Depot-anchored shopping center with 25,000 SF box available for lease
Project Size: 77,055 SF
Tarrymore Square – Raleigh, NC
A dynamic center in a growing market, with recently signed major lease with Badcock Home Furniture & More, and an O’Reilly’s Auto Parts opening soon
Project Size: 256,805 SF
Riverdale Shopping Center Redevelopment – Ft. Myers, FL
Redevelopment of neighborhood shopping center at busy intersection of a primary cross-state artery, near I-75
Project size: 70,000 SF
In addition to growing Sembler’s core business – centered on grocery-anchored centers and single-tenant, build-to-suit development – Sembler has entered into a new venture with Atlanta-based Berkley Development, led by industry veteran Mike Cohn. The Sembler/Berkley venture is seeking out retail projects primarily in the southeastern U.S.
Sembler is actively leasing its new ground-up development projects as well as centers already in the portfolio. Anchor tenant space is available at the newly acquired Humblewood Center, near Houston, TX, and Springwood Shopping Center in Austin, TX. Occupancy over Sembler’s entire managed portfolio averages approximately 95%, including Sembler-owned and third-party properties throughout the Southeastern U.S. and Puerto Rico.
BUILD-TO-SUIT / OUTPARCELS
In 2017 to date, Sembler has already closed transactions on sales or ground leases for three outparcels – with more to come. The company’s build-to-suit division has active deals with category-leading users in a variety of industries – including Advance Auto Parts, O’Reilly’s Auto Parts, Take 5 Oil Change, Express Oil, Chick-Fil-A, McDonald’s, Wendy’s, Wawa, and Circle K.
In addition, Sembler is in the process of delivering an outparcel park consisting of 12 lots to complement the recently opened Publix-anchored shopping center in Trinity, FL. This outparcel park already has commitments from seven users, with active interest from many more. Construction is currently underway, with tenants opening in late 2017 and early 2018.
“Trinity is a huge development with regional impact, and things are happening fast,” said JP Guzzardo, VP of Development at Sembler. “Our tenants have been excited to see the tremendous growth in population due to the new homes coming online.”
Sembler, both directly and through its venture with Forge Capital Partners in their Forge Real Estate Partners III (FREP) investment fund, continues seeking to acquire shopping centers throughout the southeastern U.S. and Puerto Rico. The joint venture remains focused on value-add repositioning and redevelopment opportunities in these geographies.
FREP has already acquired two shopping centers in 2017: Seneca Square in Charlotte, NC, and Humblewood Center in Houston, TX. To date, FREP has invested in ten shopping centers in Florida, North Carolina and Texas, representing more than 1.3 million square feet of leasable area.