Know about market updates

Saglo closes on $20M loan for Miami shopping center

Saglo closes on $20M loan for Miami shopping center
Financing is to pay off mortgage and fund capital improvements
December 14, 2015 09:45AMBy Katherine Kallergis

Vista Shopping Center

Saglo Development closed on $20 million in financing for Vista Shopping Center, Miami-Dade County records show. 
Chris Drew and Jose Carrazana of HFF

The Miami-based commercial real estate company owns the 88,700-square-foot property at 6400 Northwest 186th Street, near Hialeah and Miami Lakes. Sedano’s Supermarket and Navarro Pharmacy anchor the retail strip, which offers nearby access to 826 Expressway and I-75.
The financing was used to satisfy the mortgage and make capital improvements to the 9.2-acre shopping center, according to a press release. HFF director Chris Drew and associate director Jose Carrazana arranged the 10-year, fixed-rate loan. TD Bank is the lender.
In a statement, Drew said HFF has seen “an increased appetite” from debt and equity providers for specialty grocery store-anchored shops like Sedano’s.
Other tenants include Chipotle Mexican Grill, Bridgestone and Catherine’s Fashions. It’s 97 percent leased, according to HFF. Vista Shopping Center was developed in 1988, Miami-Dade property records show. Saglo bought the property in 1988.
Saglo, headquarted in Brickell, specializes in the acquisition, renovation and management of community shopping centers. As of August, it owned 950,000 square feet of retail in Florida.

Source: The Real Deal

Leave a Reply

Your email address will not be published. Required fields are marked *