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Business Observer Friday, Jan. 5, 2018 8 months ago

Sembler posts strong 2017

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The Sembler Cos. mirrored most Gulf Coast commercial real estate landlords in 2017 by posting “solid” growth across all its business lines.
by: Kevin McQuaid Commercial Real Estate Editor

The Sembler Cos. mirrored most Gulf Coast commercial real estate landlords in 2017 by posting “solid” growth across all its business lines.

The St. Petersburg-based firm, best known for owning grocery-anchored shopping centers throughout Florida, says it is developing 480,000 square feet of new space in all, and leased or renewed nearly 700,000 square feet of tenants throughout its portfolio.

Last year, the firm began work on a new Publix Super Markets Inc.-anchored center in Cary, N.C., and kicked off a major redevelopment of Disston Plaza, in St. Petersburg.

Occupancy rates also ran high throughout Sembler's portfolio, ending the year at 95%. The company declined to provide gross revenue figures for 2017, however.

Sembler also added a pair of new properties, in Houston and Charlotte, N.C.

Ron Wheeler, the company's CEO, says the robust market is prompting Sembler to contemplate larger projects in growing residential areas, including the West Villages master-planned community in Sarasota County.

“We've been pretty steadily growing since 2013, and getting stronger every year,” Wheeler says. “As a result, we're looking at a wider variety of projects than we've done in the past, and projects that, in some cases, are bigger in scope.

“I won't be surprised if in 2018 you see us expand outside the realm of a grocery-anchored project,” he adds.

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