Miami-based Saglo Development acquired its fifth Tampa-area shopping center in Sun City Center, an age-restricted, senior housing development south of Tampa.
Saglo obtained financing from BB&T and bought the Marketplace at Cypress Creek in Sun City Center. A lender had controlled the 75,100-square-foot retail property for the last two years, and property’s occupancy rate is 67 percent. CBRE and NAI Global brokered the transaction.
Retail properties at Sun City Center have high occupancy rates except for Marketplace at Cypress Creek.
Its major tenants at include American Clinical Solutions, Hear USA, Enterprise Rent-A-Car, DaVita Medical Group and DaVita Dialysis.
Saglo said in a press release it was attracted to Marketplace at Cypress Creek because of its proximity to retirement communities and South Bay Hospital, which is undergoing a $30 million renovation and expansion.
Saglo owns Florida shopping centers spanning more than 1.4 million square feet of and is actively seeking to acquire more.