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  • Feb 8, 2017
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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.

Lantana Village Square Winn Dixie

Lantana Village Square Winn Dixie

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.

Commonwealth Shopping Center Harveys

Commonwealth Shopping Center Harveys

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.

Rowe's Supermarket at Marietta Square

Rowe’s Supermarket at Marietta Square

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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 carlos@saglo.com

Please visit www.saglo.com for more information about these properties as well as any other properties that we lease and/or own.

About Hue Chen

Hue Chen is the Vice President of Acquisitions for Saglo Development Corporation and is responsible for increasing Saglo’s portfolio of properties. After graduating from the University of Florida in 1999, with a major in Finance, Hue started his career in commercial real estate as a retail leasing associate. He quickly became a top producing leasing agent while working with some of the most prominent owner-developers in south Florida. Throughout his career, he has executed over 250 leases and increased the value of over 40 different shopping center, ground-up and mixed use developments in south Florida and Southwest Florida. Hue attributes his success to a thorough understanding of the major retail markets of Florida, strong relationships with brokers and retailers, and his ability to structure leases that best fit the goals of each investment. In 2012, Hue joined Saglo and brought with him strong proficiencies in finance, mathematics, and ARGUS as well as a real world understanding of retail shopping center leasing and value creation.

Author: Hue Chen

Hue Chen is the Vice President of Acquisitions for Saglo Development Corporation and is responsible for increasing Saglo’s portfolio of properties. After graduating from the University of Florida in 1999, with a major in Finance, Hue started his career in commercial real estate as a retail leasing associate. He quickly became a top producing leasing agent while working with some of the most prominent owner-developers in south Florida. Throughout his career, he has executed over 250 leases and increased the value of over 40 different shopping center, ground-up and mixed use developments in south Florida and Southwest Florida. Hue attributes his success to a thorough understanding of the major retail markets of Florida, strong relationships with brokers and retailers, and his ability to structure leases that best fit the goals of each investment. In 2012, Hue joined Saglo and brought with him strong proficiencies in finance, mathematics, and ARGUS as well as a real world understanding of retail shopping center leasing and value creation.