Press Releases
Marcus & Millichap Brokers $8.1M Sale of Grocery-Anchored Retail Property in Jacksonville, Florida
August 24, 2026
JACKSONVILLE, Fla., Aug. 24, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Commonwealth Shopping Center, a retail property in Jacksonville, Florida for $8.1 million. Drew Kristol and Kirk Olson of Marcus & Millichap exclusively marketed the property on behalf of the seller, Saglo Companies. Meilian Solomon of LoKation Real Estate procured the buyer, Edgewood USA, LLC.
"Commonwealth is a good example of the type of property Saglo has invested in for decades: a well-located neighborhood center where thoughtful ownership can create lasting value,” said Jack Glottmann, chairman of Saglo Companies. “We’re very pleased with the outcome of the investment and proud of what our team accomplished during our ownership. The sale also puts us in a strong position to continue pursuing opportunities where we believe Saglo can make a meaningful difference.”
“Our goal at Commonwealth has always been simple: take good care of our tenants and make the center a place the community wants to visit. Reaching full occupancy is something we’re especially proud of, and it speaks to the strong relationships our team has built with the businesses here over the years. We’re grateful for what we’ve accomplished and confident the center is in a great position moving forward,” remarked Hue Chen, president and CEO of Saglo Companies.
Located at 1020 Edgewood Ave N., the retail strip totals 81,467 square feet on an 11-acre lot. The transaction also included an additional 6 acres of vacant land. Built in 1984, Commonwealth Shopping Center features 14 suites. In addition to Rowe’s IGA, the property features a variety of service-oriented tenants including Dollar Tree, Hibbett Sports, Rent-A-Center and Pizza Hut.
"Commonwealth is a good example of the type of property Saglo has invested in for decades: a well-located neighborhood center where thoughtful ownership can create lasting value,” said Jack Glottmann, chairman of Saglo Companies. “We’re very pleased with the outcome of the investment and proud of what our team accomplished during our ownership. The sale also puts us in a strong position to continue pursuing opportunities where we believe Saglo can make a meaningful difference.”
“Our goal at Commonwealth has always been simple: take good care of our tenants and make the center a place the community wants to visit. Reaching full occupancy is something we’re especially proud of, and it speaks to the strong relationships our team has built with the businesses here over the years. We’re grateful for what we’ve accomplished and confident the center is in a great position moving forward,” remarked Hue Chen, president and CEO of Saglo Companies.
Located at 1020 Edgewood Ave N., the retail strip totals 81,467 square feet on an 11-acre lot. The transaction also included an additional 6 acres of vacant land. Built in 1984, Commonwealth Shopping Center features 14 suites. In addition to Rowe’s IGA, the property features a variety of service-oriented tenants including Dollar Tree, Hibbett Sports, Rent-A-Center and Pizza Hut.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
