Sembler and Forge Capital Partners Acquire Kroger-Anchored Lynnwood Place in Jackson, Tennessee
ST. PETERSBURG, FL — Sembler and Forge Capital Partners have acquired Lynnwood Place, a 96,613-square-foot, Kroger-anchored shopping center located at 941 North Parkway in Jackson, Tennessee, the firms announced Aug. 13. The transaction was completed through their Forge Real Estate Partners investment fund, known as FREP V.
Property Overview and Location
Lynnwood Place sits at the intersection of North Parkway and Highway 45 in Jackson, with access to more than 65,000 vehicles per day and convenient proximity to Interstate 40. The center's Kroger anchor is the only Kroger location south of Interstate 40 in Jackson, positioning it as a primary grocery destination for area residents and employees.
The shopping center is currently 82% occupied and features a mix of national and regional tenants, including Domino's Pizza, Cato, and Spectrum. An additional 17,515 square feet of small-shop space remains available for lease-up, representing the primary value-add opportunity the buyers identified in the asset.
Investment Strategy and Lease-Up Upside
The acquisition reflects a grocery-anchored retail strategy that Sembler and Forge Capital Partners have pursued across the Southeast. The center's 82% occupancy sits below thresholds commonly associated with stabilized retail assets, indicating a value-add approach centered on filling existing vacancies and improving the tenant mix rather than repositioning the anchor.
Greg Sembler, CEO of The Sembler Company, described the rationale for the acquisition. "Lynnwood Place checks every box for our investment strategy — a dominant grocery anchor, a long-term lease commitment, and clear upside through lease-up," he said. "Jackson is an important market in West Tennessee, and we're excited to be part of that community."
Sembler will serve as property manager and leasing agent for the center. Leasing inquiries can be directed to Serina Morison at serina.morison@sembler.com.
FREP V Fund and Community Development Mandate
The acquisition was made through FREP V, the Forge Real Estate Partners investment fund that focuses on acquiring, developing, and redeveloping retail real estate projects in the southeastern United States. The fund is structured as a community development entity, with a stated objective of generating investor returns while supporting economic revitalization, business development, and job creation in underserved communities. Investors in FREP V include public financial institutions that receive Community Reinvestment Act credit for their participation.
Growing Southeast Portfolio
The Lynnwood Place acquisition marks the 25th shopping center that Sembler and Forge Capital Partners have acquired together through their joint investment program. Their combined portfolio spans properties across Florida, Georgia, North Carolina, Tennessee, Virginia, and Texas. The partners said they remain actively engaged in seeking additional grocery-anchored shopping center investments throughout the Southeast.
Grocery-anchored centers have drawn sustained investor interest in part because necessity-based anchors such as supermarkets tend to generate consistent foot traffic. The Kroger anchor at Lynnwood Place, as the sole Kroger south of Interstate 40 in Jackson, reinforces that traffic dynamic for the center's smaller tenants and prospective new occupants.