Terra sold the fully leased, Publix-anchored 16000 Pines Market shopping plaza in Pembroke Pines for $56 million, marking a continued uptick of South Florida retail investment sales.
Apollo Realty Income Solutions, a real estate investment arm of Marc Rowan’s Apollo Global Management, bought the 135,000-square-foot center at 16000-16040 Pines Boulevard, according to records and real estate database Vizzda.
The deal breaks down to $4.2 million per acre and $415 per square foot.
Coconut Grove-based Terra developed the plaza with six buildings on 13.2 acres, completing it in phases from 2018 through last year, Vizzda records show. Also anchored by Burlington, 16000 Pines Market also includes a 7,300-square-foot U.S. Postal Service office, a 5,100-square-foot Regions Bank, an 8,200-square-foot Cheddar’s Scratch Kitchen and a pair of retail buildings totaling nearly 16,000 square feet.
In 2017, Terra paid $11.5 million for a portion of the development site and scored a $48.8 million construction loan for 16000 Pines Market’s first phase.
Led by David Martin, Terra’s other projects include the marquee pair of twisting Grove at Grand Bay condominium towers in Coconut Grove. Other developments include the mixed-use CentroCity in Little Havana, consisting of the revamp of an existing plaza at 3825 Northwest Seventh Street in Miami and the development of an over 1,000-unit apartment complex with offices and retail.
Terra also led the Smart City Miami investment group that was in line this summer to purchase Genting Group’s waterfront Miami assemblage for a record $1.2 billion, but the group pulled the plug on the deal.
Apollo Global Management is a publicly traded private equity firm based in New York. In South Florida, its Apollo Commercial Real Estate Finance division previously was in a partnership with broker and developer Michael Comras to bring a Restoration Hardware furniture store to the Miami Design District. After the plan fizzled out, Apollo Commercial Real Estate sold the site, consisting of 15 buildings along Northeast 39th and 40th streets from North Miami Avenue to Northeast First Avenue, for a reported $170 million.
South Florida retail deals picked up this summer following a dry spell of investment sales due to expensive borrowing costs.
This month, Edens dropped $88.4 million for the Shadowood Square shopping plaza at 9789 Glades Road near Boca Raton. On the heels of that deal, investors Guofeng Ma, Wenrui Ma and Wei Cheng bought the Magnolia Shoppes at 9645 Westview Drive in Coral Springs for $26.5 million.