WEDNESDAY October 23, 2019
Public legal notices begin on page 3
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Daily Record JACKSONVILLE
JEA moving forward with HQ
Hakimian buys Daily Record its largest JACKSONVILLE THE MATHIS REPORT
shopping center
Daily Record Daily Record JACKSONVILLE
CEO Aaron Zahn says the utility won’t opt out of lease agreement with Ryan on the $72.2 million office tower.
BY MIKE MENDENHALL STAFF WRITER
JACKSONVILLE
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
JEA will move forward with its proposed Downtown high-rise headquarters while the cityowned energy and water utility considers a possible sale. JEA Managing Director and CEO Aaron Zahn said Tuesday the utility would not opt out of its lease agreement with Ryan Companies US Inc., the Minneapolisbased company that proposes to develop the $72.2 million office tower. The utility’s opt-out deadline was today. When it Zahn approved the lease with Ryan on June 25, the JEA board gave Zahn the authority to execute the clause or move forward with the headquarters. After Tuesday’s board meeting, Zahn said the reason he asked Ryan to extend JEA’s lease exit clause from Sept. 30 to Oct. 23 was to ensure there were enough qualified bidders with the financial means to support the project. “One of the things I wanted to make sure though is that we had enough market data that validated that the business was going to be on the sound financial footing for the next 10 years,” Zahn said. “I told them (Ryan), the reason we negotiated the original 30-day window was to get past the point
SEE MATHIS, PAGE 2
SEE JEA, PAGE 2
PROMENADE SHOPPING CENTER
The Promenade Shopping Center at 8595 Beach Blvd. is anchored by Rowe’s IGA Supermarket, Dollar General and Planet Fitness.
Photo by Monty Zickuhr
KAREN BRUNE MATHIS EDITOR
The Jacksonville-based company pays almost $12M for the Promenade Shopping Center along Beach Boulevard. 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. 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 Day 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
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VOLUME 106, NO. 239 • ONE SECTION