Author Topic: Sleiman moves fast...buys Lakewood shopping center  (Read 2381 times)

MusicMan

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #15 on: May 10, 2019, 04:30:37 PM »
I went to that store out of curiosity this morning. It was looking pretty damn good. It's huge, has some features the Publix at St Aug does not (i.e. olive bar, ...), and the employees appeared to be taking pride in it. It IN NO WAY looked liked the Harvey's over in Downtown. I recommend folks saying how awful it is to go check it out. I was pleasantly surprised.   

Snaketoz

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #16 on: May 10, 2019, 05:09:41 PM »
I happen to like Winn-Dixie.  We often drive by the closest Publix to go to Winn-Dixie.  The Publix has a slight edge in the produce department, and has a better deli, but everything else is better at W-D.  I would love to have a Trader Joes nearby.

jaxlongtimer

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #17 on: May 10, 2019, 09:27:07 PM »
FYI, Lakewood use to host two other grocery stores.  A&P used to be in the old Cruisers (now Anytime Fitness) location decades ago and a Clarks/Banner store was at the eastern most end of the stores along the north side of University Blvd.

Rosenblums, French Novelty, Walgreens, McCrory's, Dipper Dans, Toy Parade, Dobb's House, American Federal Savings & Loan, Jax Liquors, Lakewood Pharmacy, Edwards Men's Shop are just a few of the stores past that used to inhabit this shopping center.

Pictures below mostly circa 1959 from the Florida State archives.














billy

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #18 on: May 11, 2019, 11:31:31 AM »
There was a barber shop near the pharmacy,
and maybe a Greyhound stop for a while at the southeast intersection?

jaxlongtimer

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #19 on: May 12, 2019, 12:35:52 PM »
There was a barber shop near the pharmacy,
and maybe a Greyhound stop for a while at the southeast intersection?
Billy, I recall both as you do.  There actually was a gas station on the southeast corner of University and San Jose that I believe may have doubled as the Greyhound stop.  That spot is now partially a turn lane from San Jose to University Blvd. and a patch of green behind the bagel store.  It's the Sunoco station in the far left of the last picture in my 5/10/19 post above.

bl8jaxnative

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #20 on: May 27, 2019, 12:01:28 PM »
I'm not sure why this is a great deal.  Households in the catchment area for these properties is sliding down, not moving up.    You already have stretches of St. Augustine that don't look all that dissimilar from Durkeeville.   There isn't going to be an meaningful increase in the area anytime soon.



The seller is a big REIT, Kite, whose portfolio the Lakewood Center no longer fits.   It's not as big nor new.   They've made their money and were looking to move on. 

From what I've seen of Sleiman, this type of development is their bread and butter.    It's a gradation down from the top notch shopping centers.   That's not a slam, just an observation.  I'd be willing to bet it's a great market as long as one doesn't swing for the fences.

Which is why I'm curious about all the talk about potential.  Not only is the property in a built-out area with large swaths in decline, but it's all disjointed.   There are 2 large pieces that could be redeveloped but they don't half the potential of what they've have as one piece.
Sleiman's MO seems to be ride the cash of these so-so retail developments.   I'm not aware of them of having a history of doing anything more than a facelift with these.   They were a complete failure with The Landing.    And I don't recall them  tearing down half the mall and buildling condos or things like that with their other properties.   

Am I overlooking something?

If I'm not, I wouldn't expect anything to change until WinnDixie or Steinmart - or both given the state of retail and grocery home delivery these days - shut their doors.   If I'm not missing anything major, Sleiman's there to ride the cash flow.  And they'll ride it unitl it's starting to resemble the Dupont Station mall just to the west of this one.

Steve

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #21 on: May 28, 2019, 09:17:50 AM »
I'm not sure why this is a great deal.  Households in the catchment area for these properties is sliding down, not moving up.    You already have stretches of St. Augustine that don't look all that dissimilar from Durkeeville.   There isn't going to be an meaningful increase in the area anytime soon.



The seller is a big REIT, Kite, whose portfolio the Lakewood Center no longer fits.   It's not as big nor new.   They've made their money and were looking to move on. 

From what I've seen of Sleiman, this type of development is their bread and butter.    It's a gradation down from the top notch shopping centers.   That's not a slam, just an observation.  I'd be willing to bet it's a great market as long as one doesn't swing for the fences.

Which is why I'm curious about all the talk about potential.  Not only is the property in a built-out area with large swaths in decline, but it's all disjointed.   There are 2 large pieces that could be redeveloped but they don't half the potential of what they've have as one piece.
Sleiman's MO seems to be ride the cash of these so-so retail developments.   I'm not aware of them of having a history of doing anything more than a facelift with these.   They were a complete failure with The Landing.    And I don't recall them  tearing down half the mall and buildling condos or things like that with their other properties.   

Am I overlooking something?

If I'm not, I wouldn't expect anything to change until WinnDixie or Steinmart - or both given the state of retail and grocery home delivery these days - shut their doors.   If I'm not missing anything major, Sleiman's there to ride the cash flow.  And they'll ride it unitl it's starting to resemble the Dupont Station mall just to the west of this one.

You may be right about Sleiman (as I think it do that center "right", it would be a large investment).

In terms of the area, I think you're off base however. Yes, St Augustine between University and Philips isn't amazing. But, know a few things:

 - It's the closest suburban style shopping center to San Marco
 - You have plenty of money West of San Jose, and most of the neighborhoods east of San Jose are nice too
 - Until the San Marco Publix is built (not exactly counting the days), the San Marco folks drive through this intersection for groceries (whether they shop at Publix or Winn-Dixie

Personally, I think this could be redone in a similar way to Roosevelt Square/Ortega Park.

(related, I'm not going to get into this here as this touches on my day job, but Winn-Dixie and Stein Mart aren't in danger of closing due to online shopping/grocery delivery thing. They may close, sure, but that's related to their own issue.)

MusicMan

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #22 on: May 29, 2019, 02:52:12 PM »
If you read through the whole thread, you will see a coupe of bloggers trashing the Winn-Dixie.  Problem is, they have not actually been in it in the last few months. It's pretty damn nice. If someone would go and take some pics and post them you would see what I mean.

Also, San Jose is one of the best, most efficient pieces of infrastructure in Jacksonville /Duval County, from San Marco Square to Mandarin. Smooth pavement, not a lot of traffic signals. So this purchase has a lot of upside as the average daily traffic count there (intersection of University and San Jose) must be extraordinary. 

Jagsdrew

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #23 on: May 29, 2019, 03:10:29 PM »
If you read through the whole thread, you will see a coupe of bloggers trashing the Winn-Dixie.  Problem is, they have not actually been in it in the last few months. It's pretty damn nice. If someone would go and take some pics and post them you would see what I mean.

Also, San Jose is one of the best, most efficient pieces of infrastructure in Jacksonville /Duval County, from San Marco Square to Mandarin. Smooth pavement, not a lot of traffic signals. So this purchase has a lot of upside as the average daily traffic count there (intersection of University and San Jose) must be extraordinary.

I'll take photos next time I'm there.  That is my primary store I shop at. 

Also, I get my haircut at Cliff's across the street. Was in there yesterday and he seemed to not be too worried with the recent transaction.  Hopefully all the local shops won't get run out because the rent goes up. There are alot of good ones in there. Noura Cafe is a great lunch spot!
Twitter: @Jagsdrew

MusicMan

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Re: Sleiman moves fast...buys Lakewood shopping center
« Reply #24 on: May 29, 2019, 03:22:48 PM »
I went right away after all the negative comments. To see for myself. (I'm funny that way...)  It's damn nice, a huge store. As I stated before, the employees seemed to take pride in it.