MONDAY February 3, 2020
Public legal notices begin on page 3
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Daily Record JACKSONVILLE
Struggling Stein Mart agrees to buyout JACKSONVILLE
Daily Record
Kingswood Capital Management, L.P. will buy all shares not controlled by Chairman Jay Stein.
BY MARK BASCH
CONTRIBUTING WRITER
With its stock price floundering as the company struggles to increase sales, Stein Mart Inc. agreed Jan. 31 to a buyout by a private equity firm. The Jacksonville-based fashion retailer said Kingswood Capital Management L.P. agreed to buy
all shares not controlled by Chairman Jay Stein. Stein controlled 32% of the shares of Stein the company, according to its most recent proxy statement. Under the agreement, an entity
controlled by Stein will continue to own about one-third of the company. An affiliate of Kingswood will pay 90 cents a share to buy the other shares, which closed Jan. 30 at 65 cents. The stock has not closed above $1 since May. With about 48 million shares outstanding, Kingswood would be paying about $29 million to
buy two-thirds of the company. Stein Mart said the deal was approved by a special committee of its board of directors after conducting a strategic review. “The special committee and its advisors conducted a thorough and independent process to review the company’s strate-
Daily Record JWB Real Estate buying historic Daily Seminole Building Record JACKSONVILLE
SEE STEIN MART, PAGE 2
THE MATHIS REPORT
THE SEMINOLE BUILDING
JACKSONVILLE
The historic Downtown Seminole Building at 400 N. Hogan St. is the home of Sweet Pete’s candy shop and the 10/Six Grille restaurant.
KAREN BRUNE MATHIS EDITOR
Anchor tenant Sweet Pete’s happy for a Jacksonville owner “that has our same passion for Downtown.” A group led by Jacksonville developer and investor Alex Sifakis is buying the historic Downtown Seminole Building at 400 N. Hogan St. and intends to complete the deal by early this week. “We think that the revitalization Downtown is really impor-
tant to Jacksonville as a whole and we want to be a part of it,” Sifakis said Jan. 30. “We see this as a great piece of that,” he said. Sifakis said 400 Hogan LLC, owned by JWB Real Estate Capital, is paying $1.7 million for the property. He is a manager of JWB. The threestory building is anchored by Sweet Pete’s candy shop, Sifakis which signed a long-term lease to remain there, Sifakis said. “They are an extremely important part of Downtown and a great amenity,” he said. The 10/Six Grille, which operates an “Alice’s Adventures in Wonderland” theme, opened Oct. 4 and also has signed a lease to stay, he said. “They’ve been a great addition as well,” Sifakis said. SEE MATHIS, PAGE 2
Photo by Monty Zickuhr
Brio Tuscan Grille closes at Town Center Brio Tuscan Grille closed Jan. 24 in The Markets at Town Center. Brio spokesman Steven Coe said several factors could have contributed to the closing, including commercial changes in the area around the restaurant and lack of traffic in the restaurant. Blackfinn, another restaurant in the shopping Center, closed in 2018. Kelly Pulignano and Stephanie McCullough with The Shopping Center Group represent Hines, the landlord for both restaurants. “We are currently in active negotiations to backfill both properties,” Pulignano said. “We have had consistently strong interest on both buildings but have been very selective on which groups to proceed with.”
VOLUME 107, NO. 54 • ONE SECTION