Terra Completes $56 Million Sale Of Mixed-Use Retail Development

In the latest sign of sustained demand for stable, well-positioned retail assets in South Florida, Terra’s 16000 Pines Market retail development has traded hands to Apollo Realty Income Solutions (ARIS), a real estate investment arm of Apollo Global Management.

The 135,000 square foot center is 100 percent leased, with a tenant roster anchored by Publix Supermarket alongside Crunch Fitness, Burlington, First Watch Café, Verizon Wireless, Everglades Family Dental, Tropical Smoothie Cafe, Cheddar’s Scratch Kitchen, Jersey Mike’s Subs, an MD-Now Urgent Care Center, among others. Two stand-alone units on the property are home to a United States post office branch and a Regions Bank with a drive thru.

Situated on 13.2 acres at the prominent intersection of Pines Boulevard and Dykes Road, construction of 16000 Pines Market was completed in two phases between 2020 and 2022.

“Creating a retail environment that meets the needs of today’s consumers is about much more than simply filling storefronts,” said David Martin, CEO of Terra. “At 16000 Pines Market, 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. That formula, coupled with strong buyer demand for a top-tier newly developed asset in one of South Florida’s most popular suburban neighborhoods, ultimately led to this sale.”

Pembroke Pines, Broward County’s second-largest city, is regularly listed as one of Florida’s Best Places to Live. Ideally located at the center of South Florida, it’s within easy reach of business hubs and popular destinations in the tri-county area via major highways. While its business and retail sectors are booming, careful planning has ensured that this rapidly growing city retains its suburban charm, with ample parks, highly rated schools and universities, and a wide variety of year-round cultural activities.

The Cushman & Wakefield team of Mark Gilbert and Adam Feinstein represented Terra in the transaction.

Nearby in Pembroke Pines, Terra also developed Pines City Center, a master planned development with 300,000 square feet of retail, restaurant and entertainment space alongside market-rate residential units. The mixed-use development, which was completed in 2020, includes a tenant roster anchored by Publix Supermarket, Hobby Lobby and UFC Gym.