A third generation of Jacksonville’s Sleiman family is continuing the tradition of turning dirt into deals.
Brothers Paul and Louis Sleiman bought about 2 acres at Butler Boulevard and Interstate 95 to launch their first retail center, the Galleria Marketplace. It should open by early fall.
It’s another branch of the family’s profession.
“We’ve been around it all of our lives,” said Louis Sleiman, 23. He and Paul Sleiman, 24, are the middle two of four brothers. Their father, Peter, heads Peter Sleiman Development Group and related entities.
Their uncles are Toney, Eli and Joseph Sleiman, also well-known powerhouse names in retail and commercial development.
Their grandfather, Eli Sleiman Sr., created the now widely known Sleiman Enterprises in 1955. Born in Lebanon, he moved to the United States in 1949. He died in 2001.
Paul and Louis Sleiman launched Triforce Development LLC in September. Their first project is the Galleria Marketplace, a 9,000-square-foot retail center at 6025 Butler Point Road, which is at Butler Point and Bonneval roads.
Tenants include Chicken Salad Chick, Smoothie King and Kazu Sushi Burrito, with another 3,900 square feet available for lease. That space, also targeted to restaurants, will include covered outdoor patio seating.
The location is in the commercially developed Southpoint area, filled with businesses, hotels, medical and professional offices, and residences.
They bought the land for $400,000 and took out a $2 million loan for development from IberiaBank. The city issued the permit Nov. 25 for Suncoast Industrial & Construction Services to build the shell building at a project cost of $580,000. EnVision Design & Engineering is the civil engineer.
Operating out of a small office in the FirstAtlantic Bank Building in Southpoint, the brothers are setting up their business.
With backgrounds and experience in finance and development before joining forces, they want to continue growing in the Jacksonville market while pursuing more development opportunities.
“We have our eye on all areas,” said Louis Sleiman, referring to all of Jacksonville and mentioning Bartram, the Beaches, Mandarin, Riverside and Downtown as examples.
They’re open to different types of development, as well.
“We don’t have a limit on size and we’re not limited to retail,” he said.
The brothers also work separately on other deals on the side, although Paul Sleiman said Triforce takes up the majority of their time.
Paul said they share in all of the responsibilities — leasing, financing, management and construction.
“We have similar backgrounds,” said Louis. “We rely on each other.”
When there is a difference in opinion, they turn disagreement into constructive debate.
“We have a productive dynamic,” he said.
They both graduated from The Bolles School — Paul in 2009 and Louis in 2011. They went away to college and launched careers.
Paul graduated in May 2013 from Bentley University near Boston, where he majored in finance. He moved to Miami for a year and a half and worked for LNR Property LLC as an analyst in its high-yield commercial mortgage-backed securities acquisitions group.
Louis majored in finance at the New York University Stern School of Business. During that time, he served for three months in the summer analyst program at the Lazard Freres & Co. investment bank in its real estate mergers and acquisitions group. He graduated in May 2014.
Leading up to graduation, he sold a Jacksonville furniture store building and used the proceeds as part of a 1031 exchange to buy a retail building in a mall in Sioux Falls, S.D. He re-sold the property a year later.
An exchange structured under the IRS Code Section 1031 allows an investor to sell a property, reinvest the proceeds in a new property and defer capital gains taxes.
“Paul and I at that point started working more closely together and ended up selling the reinvestment property as well,” Louis said.
“That’s how we started working in the same capacity.”
Their older brother, Peter, 27, has been an analyst with Cantor Fitzgerald in Dallas and pursues real estate opportunities there, Louis said.
Peter also is a part-owner in the Effing Gear clothing brand.
Younger brother Toney, 19, is attending Boston University. He’s a candidate to join Triforce when the time comes.
Toney’s departure for college played a big role in his brothers’ decision to return home to keep their mother and grandmother company, Louis said.
Paul and Louis returned to Jacksonville this year and live together. They try to have dinner nightly with their mom, Carol Tegho, and grandmother, Theresa Tegho.
That, and Jacksonville’s opportunities, brought them back.
“I’ve always known I wanted to come back,” Paul said.
Louis said the same, but maybe not so soon. “Three years ago, I would have said when I was 30,” he said.
They said brothers Peter and Toney are welcome to join the company if and when they want. “All of our brothers, we’re all pretty much best friends,” Louis said.
The Sleiman brothers expect the Galleria Marketplace project to be the first of many projects, and the next might be soon.
“We’re here to grow,” Louis said.
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