Sleiman brothers to use proceeds for more projects.
Developers Louis and Paul Sleiman said they sold their first project – Galleria Marketplace – for $4.8 million.
The sale was completed Tuesday to a private buyer they identified as LADS.
The sale was not recorded with the Duval County Clerk of Courts as of Wednesday afternoon.
The 9,000-square-foot Galleria Marketplace, on about 2 acres at 6025 Butler Point Road in the Southpoint area, is fully leased.
Tenants comprise Newk’s Eatery, Kazu Sushi Burrito, Smoothie King and Chicken Salad Chick.
The Sleimans built the project in 2016 and owned it through Bonneval Retail LLC.
The Duval County Property Appraiser assessed it at almost $2.03 million this year.
The Sleimans, the third generation of the family that has developed shopping centers around Jacksonville, plan to use the proceeds to grow their business.
Among their projects is Baymeadows Corner, a former Miami Subs site at 8355 Baymeadows Road.
The Sleimans intend to rebuild the site as a 7,600-square-foot retail center comprising three units.
The Malle Co. Inc. will build the project at a cost of $600,000. Realco Recycling Co. Inc. was approved to demolish the 3,604-square-foot restaurant structure at a cost of $12,000.
The Sleimans, through Baymeadows Retail LLC, paid $812,500 for the property. Permits plus the purchase price total more than $1.4 million.
The property is designed for two retail stores of 2,500 and 3,000 square feet and a 2,100-square-foot restaurant.
Paul Sleiman said T-Mobile will lease the 2,500-square-foot end unit.
The restaurant is planned on the opposite end. He previously declined to comment about the additional tenants.
Construction should be completed in the first quarter.