Saglo Acquires 3 Grocery Anchored Shopping Centers in Florida
Lantana Village Square located in Palm Beach County, Florida is a 164,980 square foot shopping center anchored by Winn-Dixie and K-Mart. The property was acquired in January 2017. Saglo was attracted to this asset because 75% of the shopping center is comprised of national credit tenants, the property is located in a trade area with high-barriers to entry and the residents of the trade area are under-served from a retail perspective. Saglo’s plan is to increase the quality of the tenant mix so that the surrounding residents are able to have a convenient and rewarding shopping experience when they visit Lantana Village Square. Casey Rosen of CBRE brokered the sale and debt was provided by BB&T.
Commonwealth Shopping Center located in Jacksonville, Florida, this 81,467 square foot shopping center is anchored by Harvey’s Supermarket, Dollar Tree, and Hibbett Sporting Goods and sits on 18.9 acres of land. The property was acquired February 2017. Saglo was attracted to this asset due to 86% of the gross leasable area being occupied by national credit tenants and many of those tenants have been at the property for over 10 years. The neighboring shopping centers also have a high proportion of national credit tenants, which indicates the retail strength of the area. Saglo’s plan is to ground-lease or develop the approx. 6.5 acres of additional land that was part of the purchase to uses such as gas stations, medical facilities, fast food restaurants, drive-up ATMs and retail. Karl Johnston with Cushman & Wakefield brokered the sale and debt was provided by Apollo Bank.
Marietta Square located in Jacksonville, Florida, this 64,736 square foot shopping center is anchored by Rowe’s Supermarket, Family Dollar and Auto Zone. The property was acquired November 2016. Saglo was attracted to this asset due to 76% of the gross leasable area being occupied by regional or national credit tenants. Rowe’s Supermarket has an impressive operation and attracts a tremendous amount of shoppers to the plaza. Marietta Square is the only significant shopping center in a 21 square mile trade area defined my I-10 and I-295. Saglo’s plan is to fill the 7,500 SF remaining vacancy with a national or regional medical office or retailer. Nicole Christodoulou and David Puyanic with Commodore Realty brokered the sale and debt was provided by Pacific National Bank.
We are actively searching for retailers and restaurants for all 3 of these properties as well as the 17 other shopping centers that we lease in Miami-Dade, Broward and Greater Tampa area. Please reach out to Carlos Guzman regarding leasing information. Carlos can be reached at 305-704-3112 or firstname.lastname@example.org
Please visit www.saglo.com for more information about these properties as well as any other properties that we lease and/or own.