Terra recently completed a $56 million sale of its 16000 Pines Market mixed-use retail development in Pembroke Pines, Florida. The 135,000 square foot center is 100-percent leased and boasts a tenant roster including Publix Supermarket, Crunch Fitness and Burlington. Apollo Realty Income Solutions (ARIS), the real estate investment arm of Apollo Global Management acquired the 13.2 acre property which was developed in two phases between 2020 and 2022.
The Cushman & Wakefield team represented Terra in the transaction with Mark Gilbert and Adam Feinstein leading negotiations on behalf of their client. According to David Martin, CEO at Terra: “Creating an environment that meets today’s consumer needs is about more than filling storefronts; at 16000 Pines Market we curated a mix driven by restaurants, grocery stores and everyday services – tenants that don’t have to compete head-to-head with ecommerce when it comes to serving nearby residents.” This formula coupled with strong buyer demand for newly developed assets within one of South Florida’s most popular suburban neighborhoods led to this successful sale for Terra.
