Arcadia Buys South Florida Shopping Center for $68M
The 204,000-square-foot asset is 99% leased
By Julia Echikson March 26, 2025 3:20 pm
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Arcadia Property Trust paid $68 million for a shopping center in Greenacres, Fla., marking its return to South Florida retail after selling a Lincoln Road portfolio for nearly $350 million a decade ago.
Called Pinewood Square, the 204,000-square-foot property sits at 6330 Lantana Road, at the intersection of Lantana and Jog roads. The complex, which is 99 percent leased to 42 tenants, features a 96,586-square-foot anchor structure as well as six outparcel buildings totaling 24,279 square feet, according to the seller, Principal Asset Management.
Tenants at Pinewood Square include TJ Maxx, HomeGoods, Ross Dress For Less, Five Below, Goodwill, Chase Bank, PNC Bank, AutoZone, Outback Steakhouse and Jiffy Lube.
A joint venture between Des Moines, Iowa-based Principal Asset Management and Boca Raton-based Woolbright Development acquired the complex for $21.8 million in 2005, property records show.
Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented Principal Asset Management in the recent sale.
Based in White Plains, N.Y., Arcadia Property Trust specializes in retail real estate. Besides Pinewood Square, the trust’s Florida portfolio spans 727,194 square feet across three properties in the Tampa area and on the Palm Coast.
In 2014, the trust sold six buildings along Lincoln Road in Miami Beach for a combined $342 million, in partnership with Terranova, according to Miami Herald. A representative for Arcadia did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
