Sembler re-opens two redeveloped shopping centers
The Sembler Company completed two major redevelopments during 2013. The company redeveloped the Nokomis Village Shopping Center in Nokomis, Fla., and Park 66 in Pinellas Park, Fla.
Anchored by a redeveloped Publix, which re-opened in mid-November, and Anthony’s Ladies Apparel, improvements to the 143,697-sq.-ft. Nokomis Village include building façade upgrades and landscaping. Inline tenants include Saltwater Café, New China Restaurant, Hot Nails, Ophelia’s Pasta and Subway.
Sembler took over the third-party management of Nokomis Village about four years ago and negotiated the deal to demolish the existing Publix and redevelop the center with a new Publix on behalf of the owner.
Two years ago, Sembler purchased the center and undertook the redevelopment for its own portfolio.
“From the moment we took over the management of Nokomis, we could see the potential for its redevelopment,” said Steve Althoff, The Sembler Company’s senior VO of leasing and property management.
The center serves areas of southern Sarasota County, Nokomis and Venice Beach. About 4,000 people live within a one-mile circle around the center. The population within a five-mile circle is almost 50,000. Estimated average annual household income runs between $68,000 and $70,000.
When a new multifamily complex went up behind the 61,000-sq.-ft. Park 66 Plaza, Sembler re-evaluated the demographics and decided to redevelop that center as well.
Today, approximately 13,000 people live within a one-mile circle of the center, with 290,000 living within five miles. Average annual household income is about $52,000 within a five-mile radius. Nearly 90,000 vehicles pass the center every day.
The positive demographics led to a redevelopment that brought in a new 41,000-sq.-ft. Wal-Mart Neighborhood Market, which is driving traffic to the center, and a 1,400-sq.-ft. Lynch’s Liquor. Increased traffic has helped improve sales at Dollar Tree and bump up the value of the asset overall.