Friday, July 12, 2024

Sembler Completes Publix-Anchored Shopping Center

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The Sembler Co. has completed Lakeside Commons, a 60,500-square-foot shopping center in Milledgeville, Ga. The developer broke ground on the Publix-anchored property in early 2023.

Lakeside Commons
Lakeside Commons rose adjacent to a Kroger which generates an average of 150,000 visits per month. Image courtesy of The Sembler Co.

Lakeside Commons comprises a 48,387-square-foot freestanding Publix and 12,000 square feet of small shop space adjacent to two outparcels of 1.41 acres and 1.24 acres.

T-Mobile and Sugar Polish Nail Spa have signed leases for 2,400 square feet and 3,600 square feet. The available retail space and outparcels target new health and beauty services, banking and financial institutions, as well as dining options. The outparcels can be purchased, leased or developed.

Located at the southeast corner of US Highway 441 and Log Cabin Road on some 9 acres, Lakeside Commons is in an area where the daily traffic count reaches almost 20,000 vehicles per day, according to Sembler. The shopping center serves nearly 20,000 individuals and 7,800 households within a 5-mile radius, with the average income at $97,422. The property will also cater to students and faculty of Central Georgia Technical School, Georgia College and State University and Georgia Military College.

At the beginning of this year, Forge Real Estate Partners V—a private equity fund jointly sponsored by Forge Capital Partners and The Sembler Co.—purchased Palm Plaza, a 133,419-square-foot Publix-anchored shopping center in Leesburg, Fla. Crosspoint and Long Wharf Capital sold that asset for $17.8 million.

According to industry experts, healthy supply and demand fundamentals in the retail space have recently led to more openings of properties than closings, despite the disruption in the retail industry.

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