January 15, 2018 | South Florida Business Journal
By Brian Bandell
Terra sold the Publix-anchored Doral Commons shopping center for $71.56 million, turning a nice profit off a property that’s 95 percent leased.
Terra Doral Commons Retail, an affiliate of Miami-based Terra, sold the 140,000-square-foot shopping center at 7520 and 7550 N.W. 104th Ave. and 7570 N.W. 107th Ave. to Jamestown Doral Commons, an affiliate Atlanta-based commercial real estate firm Jamestown. The price equated to $511 per square foot.
Doral Commons was built on the 18.3-acre site in 2015. It’s near Terra’s Modern Doral home community, which Terra co-founder and President David P. Martin said is 95 percent sold.
This was the second shopping center that Terra built as the company has transitioned from a residential building to a diversified real estate developer, also building retail, office, industrial and self-storage.
“Doral has one of the largest employment areas in the county,” Martin said. “There are a lot of jobs and purchasing power. Doral has amazing demographics and household incomes.”
In addition to Publix, tenants in Doral Commons include TJ Maxx, Citibank, GNC, AT&T Wireless and McDonald’s.
Terra was represented in the deal by Mark Gilbert of Cushman & Wakefield.
“The Doral Commons sale coincides with a surge of retail leasing activity in Doral which is creating heightened demand among sophisticated investors such as Jamestown,” Gilbert said. “This is a case of Terra taking a forward-looking approach to acquiring a site, recognizing a void in the market, and creating value through execution and leasing.”
Meanwhile, Terra has more retail planned near the Doral Court office building, and Martin said he hopes to purchase an additional commercial development site in Doral later this year.