David Martin’s Terra Sells Newly Developed Shopping Plaza for $56M
By Julia Echikson August 31, 2023 1:27 pm
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An affiliate of private equity giant Apollo Global Management (APO) paid $56 million for 16000 Pines Market, a Pembroke Pines shopping center, marking the latest uptick in South Florida retail sales this summer, property records show.
Situated on 13.2 acres at 16000 and 16040 Pines Boulevard, the 135,000-square-foot shopping plaza is fully leased, according to Terra, which completed the development last year. The development is anchored by Publix, and other tenants include Crunch Fitness, Burlington, Cheddar’s Scratch Kitchen, Jersey Mike’s Subs and MD-Now Urgent Care Center.
“We curated a retail mix driven by restaurants, grocery, and everyday services – tenants that aren’t forced to compete head to head with e-commerce when it comes to serving nearby residents,” David Martin, CEO of Terra, said in a statement.
The Miami-based developer acquired the Broward County site for $11.5 million in 2017 and secured a $44 million construction loan from Thorofare Capital two years ago.
Cushman & Wakefield’s Mark Gilbert and Adam Feinstein represented Terra in the recent sale to Apollo Realty Income Solutions, the real estate investment arm of Apollo Global Management.
Terra and Apollo have previously worked together. The New York-based private equity firm is a lender in Terra’s massive mixed-use campus that’s now under construction near Miami International Airport.
A representative for Apollo declined to comment.
South Florida retail sales have rallied this summer, starting in June when BPS Partners bought a Publix-anchored shopping center in Jupiter for $39 million. Last month, Edens spent $88 million on an open-air mall in West Boca Raton. Earlier this month, Brooklyn brothers Albert and Elie Fouerti paid $15 million for a strip mall in Tamarac.
Julia Echikson can be reached at jechikson@commercialobserver.com.
