Forge Real Estate Partners III and East Coast Acquisitions purchased the Tarrymore Square shopping center at 3901 Capital Blvd., Raleigh, N.C., near Triangle Center Mall.
Forge Real Estate Partners III is an investment fund of St. Petersburg-based real estate developer and management company The Sembler Co. and Tampa-based commercial real estate investment and investment management company Forge Capital Partners.
Tarrymore Square is a 256,805-square-foot shopping center and is currently 65% occupied. Existing tenants include Walgreens, Rugged Warehouse, Surplus Warehouse, Rainbow Fashions, Rent-A-Center and Miller-Motte Technical College.
The new owners plan to renovate the center and are working with a regional grocer and a retailer of fashion apparel, shoes, accessories and home decor. If those leases are signed, it would boost the center's occupancy to 85%.
The Sembler Co. will serve as the property's manager and leasing agent.
This is Forge Real Estate Partners III's second acquisition, and the fund is looking for additional grocery-anchored shopping centers to acquire throughout the Southeast.