Developer buys 18th shopping center

TAMPA — Saglo Development has purchased the shopping center Marketplace at Cypress Creek in the Tampa area.

The Sun City Center location is the 18th shopping center the company has acquired, all in the state of Florida. Marketplace at Cypress Creek is the company's fifth shopping center in Tampa.

The 75,100-square-foot shopping center is at the northeast corner of Sun City Center Boulevard and Cortaro Drive. Major tenants include DaVita Medical Group, DaVita Dialysis, Enterprise Rent-A-Car, Hear USA and American Clinical Solutions.

According to a statement, Saglo Development was attracted to the property due to its proximity to South Bay Hospital. The hospital is undergoing a $30 million renovation and expansion. The company was also attracted to the site because of the retirement communities in the area.

A lender controlled the Marketplace at Cypress Creek for the last two years, according to a press release. Saglo Development plans to increase the center's occupancy from 67% to 100% within the next few years with restaurants, retail and medical businesses.

Terms of the acquisition were not disclosed. Saglo Development owns over 1.4 million square feet of retail shopping centers in Florida. It is actively seeking additional shopping centers throughout the state.