By Karen Brune Mathis
Managing Editor
Jacksonville-based Hakimian Holdings expanded into the commercial office market Friday with the $11.4 million acquisition of Liberty Center along Butler Boulevard in Southside.
“A lot of retail is happening over there and we want to be in the middle of it,” President Ben Hakimian said Friday.
Hakimian intends to invest more than $1 million into interior and exterior renovations. He also plans to develop two outparcels on the property and is negotiating with a national publicly traded upscale restaurant.
The purchase is the start of more office acquisitions, he said.
The six-story, 114,221-square-foot Class A building was developed in 1988 on 7 acres at 7077 Bonneval Road at northwest Interstate 95 and Butler Boulevard.
It is near the Southpoint office park and other commercial development, as well as an expanding retail and restaurant market, especially at Butler Boulevard and Philips Highway.
Hakimian bought the building from Greenfield Partners LLC of Westport, Conn. Greenfield acquired it as part of its December 2013 purchase of a property portfolio from Liberty Property Trust.
The Duval County Property Appraiser lists both its market and assessed value at $10.3 million.
Ameris Bank issued a mortgage of $8.55 million to HH Center LLC, the Hakimian entity that bought the property.
Family-owned Hakimian Holdings, established in 1999, owns and manages more than 729,000 square feet of commercial real estate.
Based in Mandarin, it will move its headquarters to Liberty Center in the second quarter.
Hakimian said the company will move its 10 or so employees into 5,200 square feet, boosting occupancy to more than 90 percent.
He said the company will put its name on the structure, but hasn’t decided whether it will change the name of the building.
Hakimian said in a statement it was right time to make the purchase as the commercial real estate market continues to strengthen.
He called Liberty Center “a great addition” to the portfolio because of its location and diversity of tenant services and products.
He said the structure is 87 percent leased. Tenants include CenterState Bank, Principal Life Insurance Co., Selene Finance, Akel’s Deli and Columbia College.
The company’s portfolio comprises 18 retail centers in Jacksonville, Jacksonville Beach, Orange Park, St. Augustine, Fernandina Beach and Yulee, according to its website. They include Mandarin Outback Plaza, Gates of Tinseltown and Avenues South among the 10 Jacksonville centers.
Hakimian said Friday he is looking at acquiring more office properties in Southpoint and along corridors with frontage on major roads, such as Butler Boulevard, I-95 and along Third Street at the Beaches. He said another purchase is possible by year-end.
@MathisKb
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