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Jax Daily Record Thursday, Jul. 24, 2014 2 years ago

BJ's Wholesale Club property along Philips Highway sold for $18.3M

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by: Karen Brune Mathis  Managing Editor

A New York investor paid $18.3 million this week for the BJ’s Wholesale Club property on Philips Highway in South Jacksonville.

Jacksonville-based Retail Opportunities Inc., led by developer Peter Sleiman, sold the 11.32-acre property Tuesday to 8046 Philips Highway LLC, led by real estate management executive Richard Kassis of Bedford, N.Y.

Wells Fargo Bank issued a $10.5 million mortgage Tuesday to 8046 Philips Highway LLC.

Sleiman was unavailable Thursday morning. Kassis could not be reached immediately.

Duval County property records show Retail Opportunities Inc. acquired the property in 2009 from Property Management Support Inc., as trustee of Philips Baymeadows Land Trust, for $11.2 million.

Property Management Support, whose president is Toney Sleiman, bought the land for $3.3 million in 2005 from Ring Power Corp. and developed BJ’s Wholesale Club. Records show the site includes the 122,000-square-foot wholesale club and a gas fueling station.

Ring Power, one of the largest Caterpillar dealers in the southeast, moved its headquarters to St. Augustine in 2005.

 

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