Miami-based Saglo Development entered the north Florida market by acquiring a Jacksonville shopping center for $5.5 million.
The new addition to Saglo’s portfolio of shopping centers is Beauclerc Village, a 68,846-square-foot property that is 88 percent leased.
The Jacksonville shopping center’s anchor tenants are Big Lots, Ace Hardware and Save A Lot.
Brokerage firm Cushman & Wakefield brokered Saglo’s acquisition of Beauclerc Village and InterCredit Bank financed the acquisition.
Saglo is attracted to the shopping center because it is located at the intersection of two major retail corridors in Jacksonville and lacks retail competition to the north.
Saglo’s acquisition team, Hue Chen and Kristina Remington, handled the deal for the Miami-based shopping center investment company.
Sago owns more than 1 million square feet of shopping centers in Florida and is seeking additional acquisitions.