Saglo Development Corp. buys Ruskin's Sun Point retail center

BUYER: Sun Point SDC LLC (Saglo Development Corp.), Miami
SELLER: Equity One (Florida Portfolio) Inc.
PROPERTY: 3002 E. College Ave., Ruskin
PRICE: $7.25 million
PREVIOUS PRICE: $7.5 million, May 2006
LAW FIRM ON DEED: Broad and Cassel, Boca Raton

PLANS, DESCRIPTION:
Commercial real estate developer Saglo Development Corp. purchased the 131,155-square-foot Sun Point retail center for $7.25 million.

The price equated to $55 per square foot. That figure is less than the two-year average price per square foot for retail space ($138) in the Tampa Bay area, according to the CoStar Group.

“There was a great momentum historically for that property,” says Hue Chen, vice president of acquisitions for Saglo Development Corp. “But when Publix and CVS left, its tenant mix deteriorated because of the lack of an anchor. Equity One took it over several years ago and was able to backfill the space.”

The center features Big Lots, The Crossing Church, Goodwill and Chapter 13 Trustee. It was 81.19% occupied at the time of the sale.

The center also is located near the 1 million-square-foot Amazon Distribution Center currently under construction and its future 1,000-person workforce.

Chen says the new ownership plans to make improvements to the center, but that they are at least more than a year out.

Saglo Development is a family-owned business that owns and operates shopping centers primarily in the Miami area. However, in March, Saglo Development bought its first new Tampa Bay area center, the 75,000-square-foot Central Plaza in St. Petersburg for $7.27 million. A Goodwill Superstore and Family Dollar anchor that center.

The purchase entity, Sun Point SDC LLC, mortgaged the property to Pacific National Bank for $5.21 million.