Jacksonville-based Hakimian Holdings announced Aug. 18 that it has closed on the purchase of the shopping center at 3600 University Blvd W. at $14.425 million and will rebrand it as Gates of University Boulevard.
At one time called University Center, the 106,000-square-foot shopping center built in 1974 is anchored by national tenants such as LA Fitness, T.J. Maxx, Bealls Outlet, CVS, Dollar Tree and McDonald’s.
Blake Hakimian, head of acquisitions and finance, said the purchase triples its footprint in that corridor, “reinforcing our conviction in the immense positive momentum of the area.
“We signed Planet Fitness last year at our nearby Shoppes of San Jose whose $2.5 million buildout and fully stacked member sign-up log has attracted multiple nationals to submit LOIs seeking to take down adjacent space catering to that foot traffic,” he said, referring to letters of intent by potential nationwide tenants.
The 56,479-square-foot Shoppes of San Jose is at 2777 University Blvd. W.
Hakimian said Gates of University Boulevard is fully leased. The site is at southeast University Boulevard West and St. Augustine Road, west of Philips Highway and Interstate 95.
The properties are near the Bowden and Lakewood areas of South Jacksonville.
The activity follows other moves in the area as the closed Whataburger was renovated for Chipotle Mexican Grill and the former Krispy Kreme was demolished and the site redeveloped for Chick-fil-A, “of which the sales of both are guaranteed to be in the many multiples of their predecessors,” Hakimian said.
“Now that the closing is complete, we’re putting into works a comprehensive cosmetic improvement plan for the shopping center, including extensive upgrades to the parking lot, the entire lighting system, all the landscaping, and soon a new monument sign will rise naming the center Gates of University Boulevard,” he said.
Hakimian did not disclose any names but said rumors are circulating that the remaining retail buildings and sites in that area “are being scoped out for more new national concepts as well.”