Sembler and Pebb Enterprises Form Partnership on Kroger Deal
The Sembler Company and Boca Raton, FL-based Pebb Enterprises have entered into a single-purpose venture at Westview Plaza in Lebanon, Tennessee.
Westview Plaza is a 48,000 square foot shopping center, shadow-anchored by a Kroger grocery store and includes small shop space. In a deal that closed last week, Sembler brokered a sale of a portion of the center to Kroger; Sembler will take on the leasing and management of the center.
Sembler CEO Ron Wheeler commented on the venture, “Pebb’s portfolio reflects their desire to acquire fiscally robust assets and so we had a lot of confidence that Westview Plaza would be no different. Our long-standing relationship with Kroger helped foster the initial talks among the three parties and we think that was of value for the deal too. We now hope to add even more value to the center through our leasing and property management efforts.”
PEBB President Ian Weiner said, “We’re really pleased this deal came together. Westview Plaza represents the type of projects we want to continue adding to our portfolio and we look forward to working with Sembler on making it a success.”
The unique deal came about after Rachel Wein of WeinPlus made an initial introduction. Wein remarked that the Sembler/Pebb venture seemed mutually beneficial saying, “Having worked with both Sembler and Pebb on a long-term basis, the two seemed like a natural fit. Both are family-owned businesses with a deep development track record and their expertise was uniquely complementary given the location and anchor tenant.”
