Miami-based Saglo Development bought its first shopping center in Palm Beach County for $10.2 million.
Saglo paid $61.82 per square foot to North Miami Beach-based real estate investment trust Equity One for Lantana Village Square, a 164,980-square-foot shopping center at Hypoluxo Road and U.S. 1. CBRE brokered the transaction and BB&T financed it.
National and regional retailers including Winn-Dixie, Subway, Metro PCS and H&R Block account for about 84 percent of the shopping center’s total income from tenant leases.
Saglo bought Lantana Square because of its exposure on U.S. 1 and a scarcity of similar properties in the area: The shopping center is one of only three significant ones between Boynton Beach Boulevard and Lake Worth Road.
Saglo also cited luxury residential developments near Lantana Square as a motive for acquiring the property.
Saglo Development owns more than 1.25 million square feet of retail shopping center space in Florida and seeks to acquire more shopping centers in markets across the nation. Saglo’s acquisition team is Hue Chen and Kristina Remington.