
Terra Completes $56M Sale of Pembroke Pines Market Mixed-Use Retail
Terra’s 16000 Pines Market retail development in Pembroke Pines 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 including Publix Supermarket, Crunch Fitness and Burlington.
The Cushman & Wakefield team of Mark Gilbert and Adam Feinstein represented Terra in the transaction. Situated on 13.2 acres, construction 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.”
- ◦Sale/Acquisition