Author Topic: Sleiman moves fast...buys Lakewood shopping center  (Read 2215 times)

thelakelander

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Sleiman moves fast...buys Lakewood shopping center
« on: May 09, 2019, 10:52:23 AM »
Fresh off of being a better negotiator than COJ, Sleiman has set his eyes on a major Lakewood retail intersection:



Full article: https://www.jaxdailyrecord.com/article/sleiman-enterprises-buys-lakewood-promenade-shopping-center
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KenFSU

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #1 on: May 09, 2019, 11:18:31 AM »
This Sleiman guy sounds good.

I wonder if the city has ever thought about partnering with him on something downtown?

Captain Zissou

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #2 on: May 09, 2019, 11:35:30 AM »
This is a great property with great potential.  Looking at the site plan it seems that it will take some creativity to optimize the space.  Some of the building orientations and parking placements seem very odd.

realestatejax

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #3 on: May 09, 2019, 12:12:45 PM »
Great real estate with a lot of upside.  The biggest problem for this shopping center is having Winn Dixie as the anchor tenant.  If they can get them out I would expect an organic grocery store (Sprouts, Earth Fare, Lucky's, etc.) to jump all over this. 

Jagsdrew

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #4 on: May 09, 2019, 08:55:01 PM »
Great real estate with a lot of upside.  The biggest problem for this shopping center is having Winn Dixie as the anchor tenant.  If they can get them out I would expect an organic grocery store (Sprouts, Earth Fare, Lucky's, etc.) to jump all over this.

How is Winn-Dixie a problem tenant?
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blizz01

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #5 on: May 09, 2019, 10:39:57 PM »
Maybe he can repurpose some of the scrap from the Landing demo.... :o

tufsu1

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #6 on: May 09, 2019, 10:49:31 PM »
Great real estate with a lot of upside.  The biggest problem for this shopping center is having Winn Dixie as the anchor tenant.  If they can get them out I would expect an organic grocery store (Sprouts, Earth Fare, Lucky's, etc.) to jump all over this. 

have you been inside that Winn Dixie? It's hardly a detriment to the area

Snaketoz

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #7 on: May 10, 2019, 07:32:27 AM »
As many said earlier, how could Sleiman lose?

Jagsdrew

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #8 on: May 10, 2019, 08:12:19 AM »
Great real estate with a lot of upside.  The biggest problem for this shopping center is having Winn Dixie as the anchor tenant.  If they can get them out I would expect an organic grocery store (Sprouts, Earth Fare, Lucky's, etc.) to jump all over this. 

have you been inside that Winn Dixie? It's hardly a detriment to the area

I'm still trying to understand the logic of just kicking out a local company because they are "the biggest problem" in the shopping center.
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sandyshoes

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #9 on: May 10, 2019, 08:50:36 AM »
Tufsu, begging your pardon, but have you been inside that Winn-Dixie in Lakewood recently...it's hardly the WD it used to be.  All the warning signs of it turning into a Harvey's are there.  And 'customer service' has gone by the wayside.  When I'm on that side of town I used to pop in to pick up a few non-perishables when needed, but I can't stand it in there anymore.  Something else could be an improvement, imho. 

MusicMan

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #10 on: May 10, 2019, 08:51:56 AM »
The Winn-Dixie is fine, one of the nicest you'll see. However swapping it out for a Trader Joe's would be an improvement IMO.

I see (from the above comments)  it must suck. I'll go today and do a walk through.......

ALSO, does anyone know what the asking price was? I cannot find it on Loopnet.com
« Last Edit: May 10, 2019, 09:02:25 AM by MusicMan »

realestatejax

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #11 on: May 10, 2019, 09:09:39 AM »
It is a tired Winn Dixie that is a shell of its former self.  They have reinvested little into the store over the last few years and it shows.  If they reformatted it like the CR 210 or Baymeadows and I-295 store that would help.
From the landlord's perspective it is tough to invest any real money into updating theshopping center with WD as the anchor.  Their solvency is always in question and potential co-tenants are not all that excited about being next to WD as opposed to a new fresh user like a Sprouts, Earth Fare, Greenwise, etc. 
My guess is Sleiman's ultimate goal is to redevelop this center with a new anchor. 

Captain Zissou

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #12 on: May 10, 2019, 09:17:59 AM »
It is a tired Winn Dixie that is a shell of its former self.  They have reinvested little into the store over the last few years and it shows.  If they reformatted it like the CR 210 or Baymeadows and I-295 store that would help.

Back in 2013-2014 this was going to be remodeled into their flagship store.  It was the closest store to the CEO at that time's house and close to headquarters.  It was a pet project of the CEO, but struggled to get through the capital approval process.  When that CEO was replaced and the headquarters was moved to Baymeadows, they dropped any remodel plans at University and reopened the dormant store at Baymeadows and 295 and turned it into their flagship store with a number of test concepts built in. 

Jagsdrew

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #13 on: May 10, 2019, 09:39:53 AM »
Sleiman isn't kicking out Winn-Dixie just because he bought a shopping center. That would be foolish considering they are a tenant at many other shopping center locations in his portfolio.

Does the store need remodeling? Perhaps. If the landlord makes improvements to the shopping center and parking lot, I'm sure Winn-Dixie will consider remodeling their store concurrently with the landlord improvements.

As a matter of fact, Winn-Dixie just remodeled two stores in the Jacksonville market. One is a Sleiman property on Normandy Blvd.
https://www.jaxdailyrecord.com/article/winn-dixie-reopens-remodeled-stores-in-middleburg-west-jacksonville
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realestatejax

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #14 on: May 10, 2019, 11:03:19 AM »
I didn't say they were kicking them out I said they would like to get them out.  WD's credit sucks and if you could replace WD with a Greenwise for example the value of the shopping center increases dramatically.
Trust me everyone that looked at buying this center was trying to figure out how to replace WD as the anchor.