Apollo Realty Goes Shopping in South Florida
A rendering of 16000 Pines Market. Image courtesy of Terra
The Terra Group, a Miami-based development and investment firm, has sold 16000 Pines Market, a four-building, 135,000-square-foot retail center in Pembroke Pines, Fla.
Apollo Realty Income Solutions, the real-estate focused arm of publicly traded Apollo Global Management, purchased the property for $56 million. Cushman & Wakefield Vice Chair Mark Gilbert and Executive Director Adam Feinstein represented the seller in the transaction.
A project in Pembroke Pines
16000 Pines Market broke ground in 2018, and was completed in two phases between 2020 and 2022. Terra purchased the development parcel from the city in October 2017 for $11.5 million, a site located at the intersection of Pines Boulevard and Dykes Road. Funding for the project was sourced locally as well, with the firm inking a $48.8 million construction loan from Pineland Finance & Investment LLC.
Development took place at the same time as Pines City Center, a two-phase, 80-acre mixed-use project that includes 295,000 square feet of retail space, 120,000 square feet of office and hospitality space, as well as 1,400 multifamily units. Both Pines City Center and 16000 Pines Market were designed by Beame Architectural Partnership.
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Presently, 16000 Pines Market consists of four buildings developed on 13.2 acres. The property is anchored by a Publix supermarket and Burlington. Other tenants include Crunch Fitness, Verizon Wireless, First Watch Café, Tropical Smoothie Café, Jersey Mike’s Subs and Cheddar’s Scratch Kitchen. Moreover, the shopping center features a local dental practice and urgent care center, as well as two separate standalone buildings leased by branches of Regions Bank and the United States Postal Service.
16000 Pines Market benefits from its location in Pembroke Pines, Broward County’s second most-populated city, home to 170,000 residents. The property’s namesake, Pines Boulevard, feeds into an onramp to the Interstate 75, situated one mile to the east. Downtown Miami is about 20 miles to the southeast, and the most distant points of the city’s metro lie within 40 and 60 miles, respectively.
Terra’s mixed-use projects in Miami
In addition to the 16000 Pines Market sale and development of Pines City Center, Terra has moved forward on a flurry of mixed-use investment and development opportunities around Miami. In April, the firm led an investment group’s $1.2 billion purchase of BayCity Miami, a 15.5-acre development site that includes north of 800 feet of land facing Biscayne Bay. Two months prior, the firm unveiled its development plan for The Offices at THE WELL, a 98,428-square-foot component of a project that includes luxury apartments and retail space.
