Hakimian Holdings buys its largest shopping center
Posted by Carlos Renteria on
Hakimian Holdings Inc. paid $11.95 million last week for the Promenade Shopping Center, boosting the Jacksonville-based company’s retail space owned to more than 1 million square feet.
CenterState Bank made an almost $9.19 million mortgage for the deal.
The center, at 8595 Beach Blvd., is Jacksonville-based Hakimian’s 26th purchase and will be rebranded as Gates of The Promenade Shopping Center.
It also holds another distinction.
“That is our largest retail acquisition to date,” said Ramon Day, vice president of acquisitions.
The Promenade totals 115,835 square feet of space on almost 29 acres and is anchored by Rowe’s IGA Supermarket, Planet Fitness and the Armed Forces Career Center.
The Promenade was built in 1991, property records show.
Through Gates of The Promenade LLC, Hakimian bought the property Oct.15 from Phillip Edison & Co. Inc., a Cincinnati-based real estate investment trust.
Through Promenade Station LLC, Phillip Edison paid almost $5.66 million for it in 2001, records show.
Day said Hakimian will upgrade the façade, lift the tree canopy, improve the parking lot and reposition the tenant mix to focus on more service-driven businesses.
The center is 94% occupied, Day said.
Hakimian Holdings also recently paid $8.1 million for The Boulevard Shopping Center at 1500 Beach Blvd. in Jacksonville Beach. It is anchored by Engine 15 Brewing Co. and MOJO Kitchen.
Day said the three-building, 47,655-square-foot center on 4.3 acres was built in 2006 and is Hakimian’s 25th purchase.
He said the Promenade and Boulevard purchases boosted Hakimian to 1,142,821 square feet of holdings.
“They both represent great investment opportunities,” Day said. He said improvement costs have not been determined.
Occupancy at The Boulevard was 55% as of the purchase, Day said. He said one of the three buildings is vacant and he expects it will be filled soon.
“We had a great deal of interest,” he said. Retailers, restaurants and local service businesses are asking about the available retail space.
Hakimian Holdings, through Gates of Beach Boulevard LLC, bought the property Sept. 30 from The William E. Poland Jr. Trust and The Jacqueline M. Poland Family Limited Partnership.
The name remains The Boulevard Shopping Center for now, Day said.
“There is great demand for retail in the rapidly growing Beaches area,” he said.
Day said Hakimian owns 18 shopping centers in Duval County, one each in Nassau, St. Johns and Volusia counties and four in Clay.