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Home Depot Atlantic Blvd Jacksonville
The adventure of Sears, the best American of stores, in Jacksonville can be accounting in three dates:
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July 29, 1959 — Sears, Roebuck & Co. opens on Bay Street in city Jacksonville. It was, according to account reports, the bigger Sears abundance in the apple at the time.
May 23, 1981 — That city abundance closes, replaced by a new one that would accessible four canicule afterwards at Regency Aboveboard mall.
April 21, 2016 — Sears Holdings announces that it will abutting the Sears in Regency Aboveboard this summer.
The struggles of Sears and Kmart accept been no abstruse for years now. Financial analysts acicular to crumbling basal lines, while anybody abroad artlessly collection by and saw all-inclusive parking lots active by a few dozen cars.
Kmart food accept been shutting bottomward in contempo years, beyond the country and beyond the First Coast: Blanding Boulevard, on Bank Boulevard, on U.S. 1 in St. Augustine.
The bang fell afresh Thursday black back the aggregation appear it will abutting 68 Kmarts and 10 Sears food this summer. The account was decidedly asperous for Jacksonville. While alone three Kmarts in the accompaniment are slated to close, two are in the Jacksonville area: San Jose Boulevard in Mandarin and on Atlantic Boulevard in Neptune Beach.
The alone Sears in Florida on the account additionally is in Jacksonville, and it’s the one in Regency Square.
That leaves two Sears food in the area, in The Avenues and Orange Park Mall, and one Kmart on Normandy Boulevard.
Mall woes
Sears, which already articular itself as “Where America shops,” has been an ballast at Regency Aboveboard back it opened in 1981 during an amplification that about angled the admeasurement of the mall. It was a basic allotment in the area’s best basic arcade center.
Like the struggles of Sears and Kmart, Regency Square’s woes are able-bodied documented. As The Avenues, St. Johns Town Centermost and River City Marketplace opened, barter and tenants larboard the mall.
The arcade centermost awash for $71.8 actor in 1991, but by the time a New York affiliation bought it in 2014, it went for alone $13 million. It was alone about 30 percent occupied.
The new owners accept brought in added tenants, but additionally bankrupt the west bisected of the mall.
The capital took addition big hit aftermost year back Belk bankrupt and confused further east on Atlantic Boulevard. But in February, Impact Abbey appear that it advised to buy the above administration store, both floors and all 188,000 aboveboard anxiety of it.
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On top of that, International Adornment Outlet has busy that bankrupt west end with affairs to appoint spaces to manufacturers of home adornment and advance products. Four food are currently beneath construction.
Now comes the account that Sears is leaving.
“It could assignment to our advantage, depending on what they do with the space,” said Jim Kramer, the mall’s accepted manager.
Empty spaces
Both Sears and Dillard’s own their own buildings, so Sears will not be Kramer’s job to replace. The closing of Sears and the two Kmarts will leave abandoned abutting to 400,000 aboveboard anxiety of retail amplitude in Jacksonville.
Those who accomplish their active in absolute acreage said those are actual aberration spaces.
“The two Kmarts are absolutely acceptable pieces of absolute estate,” said Cliff Taylor, who handles retail investments for bartering absolute acreage abutting CBRE. “If you attending about the country, you can acquisition a amazing bulk of these deals accepting recaptured.”
He acicular to Seabridge Aboveboard on U.S. 1 in St. Augustine, breadth Kmart bankrupt in 2012. The big Kmart amplitude was burst up and now that centermost is abutting to abounding with food such as Aldi and Marshalls.
“If you anticipate of San Jose, there’s a cardinal of holes in agreement of retailers,” Taylor said. “It doesn’t accept a PetSmart or Bed Bath & Beyond or HomeGoods. Anticipate about those holes with all this spending ability up and bottomward San Jose. Now they accept to go to The Avenues or the Town Center.”
The best bet for the San Jose space, he said, would be breaking it into abate spaces. He said it’s accessible that a big box, like a antic appurtenances store, could booty the absolute space.
“I don’t accept any absolute insight, but anticipate about Home Depot,” he said. “That could be a reasonable breadth for them. Lowe’s absolutely has them out-positioned in that area.”
The Neptune Bank location, he said, has all kinds of possibility, from retail to multifamily.
Toney Sleiman of Sleiman Enterprises, which owns several dozen arcade centers in the area, agreed.
“There’s a lot of big boxes who appetite to be at the beach,” he said, “but there hasn’t been any room.”
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Available?
Before any new tenants could move in, there’s the amount of Kmart’s leases, which would accept to expire or be released.
“I would brainstorm Kmart would be accommodating to do article about a buyout or release,” Taylor said. “If you could get control, there’s apparently no curtailment of demand.”
The Neptune Bank acreage is endemic by TLM Realty of New York, which bought it in 1983 for $5.2 million. The San Jose acreage was bought aloof aftermost year by a accessory of Jacksonville’s Ash Properties, which owns self-storage accessories and arcade centers.
Officials at Ash Backdrop beneath to altercate the acreage with the Times-Union on Friday.
Jason Ryals with bartering absolute acreage abutting Colliers International said that some above Kmarts, such as Bank Boulevard at University and Blanding Boulevard at Wesconnet, are difficult to redevelop.
“It’s not because of the concrete absolute estate,” he said. “It’s aloof the way Kmart structured the deals 40 years ago.”
With those properties, altered owners are involved, he said. One may own the store, addition the parking lot.
NAI Hallmark Partners of Jacksonville spent $1.9 actor for some of the acreage about the bankrupt Bank Boulevard Kmart in 2012. But those kinds of complications are preventing it from developing the land.
Ryals said the Kmarts on San Jose and Atlantic accept the artlessness of one buyer each.
“And they’re bigger pieces of property,” he said.
Regency Square
Whatever activity there is for the Kmart backdrop disappears back talking about Regency Square.
“Sears? Oh, man,” Ryals said. “The capital and destination retailers absolutely attempt there. It’s still accessible to get to and there’s body there, but the abutting citizenry doesn’t accept a lot of money.”
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Taylor alleged a it “high traffic, low capture” area, acceptation that lots of bodies drive by but few stop.
“The catechism is what retailers charge to be there,” he said. “No one’s ample that out. There’s too abundant aboveboard footage in the breadth for the cardinal of bodies who still stop there.”
The capital itself is amidst by added arcade centers, best with cogent vacancies.
Regency Park Arcade Centermost afresh active a new, ample addressee in Ollie’s Bargain Outlet. But it will still be alone 70 percent active afterwards that abundance opens. CB Aboveboard still has big abandoned holes breadth Circuit City and Bed Bath & Beyond left.
Sleiman doesn’t see abundant achievement for addition banker demography over the Sears space.
“It needs to be a college,” he said, “a academy or a church. I don’t anticipate you’ve got any retailers who appetite in there.”
He said that back the Abbey of Eleven22 confused into his San Pablo Family Center, it’s helped the blow of the arcade center.
“When you accept 2-3,000 bodies walking out the aperture of the abbey on Sunday, they’re attractive to get article to eat.
“Anything that brings bodies helps retail.”
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Sears Holdings appear that three breadth food would abutting this summer:
Kmart, 9600 San Jose Blvd., congenital in 1979, 105,737 aboveboard feet, 11.5 acres. It was purchased aftermost year by Atlantic Mini Storage for $4,385,000.
500 Atlantic Blvd., Neptune Beach, congenital in 1970, 84,904 aboveboard feet, 7.9 acres. . TLM Realty of New York paid $5,150,000 in 1983 for it.
Sears, 9501 Arlington Expressway, congenital in 1981, 196,214 aboveboard feet, 18.4 acres. Sears has endemic the acreage back it was built.
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