Commercial Real Estate Profile: Ron Wheeler CEO, Sembler Co. St. Petersburg

As the head of 50-year-old Sembler, Wheeler needs to both see and anticipate retail industry trends. Sembler has developed more than 330 projects totaling 27 million square feet, and it manages 12.5 million square feet. Here are excerpts from a recent interview during which Wheeler discussed what's next for the market.

How would you describe the state of the retail sector along the Gulf Coast?
Our occupancy the last couple of years has been steadily climbing, to 95% today. Residential development, meanwhile, is picking back up, which feeds demand for more retail. And while there's not much coming out of the ground right now, there's more planned than at any time since 2007. We're building two new centers, one in Pasco County anchored by Publix and another in Sarasota County, in North Port, with a Walmart. So it's a pretty positive outlook overall.

You recently returned from the annual International Convention of Shopping Centers' meeting in Las Vegas. What was the mood like there?
There was tremendous optimism; it felt like the early 2000s. We're seeing an enormous amount of capital come into the market, but there's still stratification. The best properties are trading higher, and lower tiered properties more appropriately. I'm hoping people don't get too optimistic as a result, though I know some will. But for now, lenders are being cautious, and most require between 20% and 25% equity.