Sembler/Forge fund acquire Raleigh, N.C., center
St. Petersburg, Fla. — Forge Real Estate Partners III, co-sponsored by the Sembler Company and Forge Capital, has formed a joint venture with East Coast Acquisitions and acquired Tarrymore Square in North Raleigh, N.C.
Tarrymore Square is a 256,805-sq.-ft. shopping center with a 65% occupancy rate. Existing tenants include Walgreens, Rugged Warehouse, Surplus Warehouse, Rainbow Fashions, Rent-A-Center and Miller-Motte Technical College.
The joint venture plans to renovate the shopping center and is negotiating leases with a regional grocer and a retailer of fashion apparel, shoes, accessories and home décor. These leases would boost occupancy to about 85% by the end of 2014.
The Sembler Company (www.sembler.com) will lease and manage the property. Negotiations are continuing with additional national and local retailers to lease the remaining available space in the center.
This is the second acquisition made by Forge Real Estate Partners III, which is focused on the acquisition, development and redevelopment of commercial retail real estate projects primarily in the southeastern United States and Puerto Rico.
New Sam’s Clubs in Warwick, R.I., and Mooresville, N.C.
New York — Sam’s Club will open two new clubs on Thursday, January 23, one in Warwick, R.I., and another in Mooresville, N.C.
The 136,000-sq.-ft. Warwick club has created 140 new jobs. Also 136,000 sq. ft., the Mooresville club has created 160 new jobs.
Both clubs will feature a variety of members-only amenities, including a fresh bakery, a tire and battery center, a café and a fuel station.
Magnolia Marketplace breaks ground in New Orleans
Covington, La. — JCH Development and Stirling Properties have broken ground on Magnolia Marketplace, a 106,000-sq.-ft. shopping center in New Orleans, at the intersection of South Claiborne Avenue and Toledano Street.
Mayor Mitch Landrieu, elected officials and other dignitaries attended the groundbreaking ceremony on January 16. “We are proud to bring a dynamic new retail development to an underserved portion of Central City,” Tara Hernandez, president of JCH Development told the assembled crowd. “This development will bring a formerly vacant and blighted piece of property in the City of New Orleans back to commerce.”
Tenants scheduled to open in the spring of 2015 are Ross Dress For Less, T.J.Maxx, Michaels, PetSmart, Shoe Carnival, Ulta Beauty and Raising Cane’s. The project is 100% pre-leased.
A previously announced 6,000-sq.-ft. initial phase of Magnolia Marketplace is located at the intersection of South Claiborne Avenue and Fourth Street. Capital One Bank is currently open in that building. T-Mobile and Subway plan to open in early 2014.
Stirling’s recent projects in New Orleans include Mid-City Market, a 108,000 square-foot Winn-Dixie anchored shopping center located at North Carrollton Avenue and Bienville Street, as well as the full renovation of the former American Legion building located on Magazine Street into a new 13,000-sq.-ft. Walgreens Marquee Store. Since 2011, Stirling Properties has invested over $120 million in the City New Orleans.
JCH Development’s most recent project is the conversion of the former Blue Plate manufacturing facility into the Blue Plate Artist Lofts, 72 residential lofts, on South Jefferson Davis Pkwy.