Hakimian Holdings bought property along San Jose Boulevard on Oct. 2 to merge with its neighboring Gates of Olde Mandarin to expand the shopping center with more retail space.
Blake Hakimian, head of acquisitions and finance, said Hakimian Holdings paid $2.545 million for the closed Vaughn Motorgroup dealership built in 1985 on 1.03 acres at 11350 San Jose Blvd.
He said Hakimian would remodel and retrofit the building to add more than 11,000 square feet of retail concepts.
Jacksonville-based Hakimian Holdings bought the 32,733-square-foot Gates of Old Mandarin in 2001. It is on 3.81 acres at 11362 San Jose Blvd.
“Gates of Olde Mandarin sits at arguably the most premier intersection in Mandarin where San Jose Blvd and Mandarin Road meet,” Hakimian said in an email.
“The tree-laden enclave known to many (including all the Hakimians) for family dinners at Chophouse Thirteen, brunch at Beaches Diner, tasty treats, and nifty niche shopping will soon be home to even more experiences.”
Hakimian said Gates of Olde Mandarin has a “long history at 100% or near 100% occupancy.”
“The demand for more is palpable and the acquisition, conversion, and merger of the Vaughn Motorgroup site presented the ideal opportunity to meet the market.”