October 12, 2017 | South Florida Business Journal
By: Brian Bandell
READ ON: www.bizjournals.com
Terra Group acquired a former post office property in Pembroke Pines and obtained a construction loan for a new retail center.
In 2016, the City of Pembroke Pines approved a deal to sell the 27.4-acre site at 16000 Pines Blvd. to Terra Group for $23.5 million in a two-phased purchase. The city had previously acquired the property from the U.S. Post Office for $17.88 million.
The first phase of that deal just closed.
Pembroke Pines sold about 10 acres to 16000 Pines Retail Investments, an affiliate of Miami-based Terra Group, for $11.49 million. The developer obtained a $47.78 million mortgage from Pineland Finance & Investment.
The “lifestyle” center was approved for 115,000 square feet of retail and restaurants. A post office of at least 7,240 square feet must be included in the project. It was designed by Beame Architectural Partnership.
"Our leasing team has seen strong interest among national brands and independent operators, and we look forward to announcing more details in the coming weeks ahead of breaking ground next year,” Terra Group President David Martin said. "Terra's significant investment in Pembroke Pines is a reflection of the community's growing residential population and the high barriers to entry that exist for new commercial development.”
The second phase of the project would have 120 single-family homes.
Meanwhile, Terra Group is building a Publix-anchored retail center of 300,000 square feet at Pines City Center further east on Pines Boulevard and plans to open that in late 2018.