The Real Deal Miami

Blackstone buys Sedano’s-anchored center near Miami Lakes

Saglo sold the property for about $350 psf
By Amanda Rabines | August 29, 2018 01:30PM

The Vista Shopping Center and Blackstone Group’s Jonathan Gray

UPDATED Aug. 30, 12:45 p.m.: A company tied to Blackstone Group just dropped $34.5 million on a Sedano’s-anchored shopping center near Miami Lakes, property records show.

Miami-based commercial real estate firm Saglo Development sold the Vista Shopping Center at 6400 Northwest 186th Street, along with three standalone buildings, a 7,730-square-foot 7-Eleven, a La Brasa Rotisserie & Grill restaurant and an adjacent Jiffy Lube.

The 97,600-square-foot shopping center sold for about $350 per foot. Tenants include Navarro Pharmacy, Chipotle and Gyroville.

The buying entity, BREIT Vista Center Owner, is tied to Blackstone’s retail operating arm ShopCore Properties, which focuses on managing grocery-anchored community shopping centers throughout the country, according to its website.

Saglo CEO and principal Jack Glottmann wrote via email that his father developed the 10-acre site in the mid 1980’s. One out-parcel at 18421 Northwest 67th Avenue was developed in 2010, records show.

“Given our neighbor’s recent success in the sale of their shopping center, I decided to quietly market the property to a limited number of prospective buyers,” Glottmann said, adding that instead of marketing the property to a large group of shopping center investors, he “decided to strike while the iron was hot and use the same brokerage firm” that represented the nearby Country Club Plaza, which sold to Jamestown in October for $34.25 million.

An earlier version of this story incorrectly stated that Saglo’s sale of a nearby property led him to list the Vista Shopping Center. Saglo did not sell that shopping center.