The Real Deal Miami

DRA Advisors spends $85M on Pembroke Pines retail centers

New York investor acquires Paraiso Parc, Westfork Tower from Terranova

June 04, 2014 11:15AM

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Regal Cinemas at Westfork Tower

Regal Cinemas at Westfork Tower

New York-based DRA Advisors acquired adjacent Pembroke Pines retail centers from Miami Beach-based Terranova for more than $85 million.

Companies tied to DRA picked up Paraiso Parc and Westfork Tower on May 21, according to Broward County records. The company recorded the transaction on Tuesday. DRA assumed a $19.12 million loan from MetLife as part of the transaction.

The Terranova-managed companies paid about $39 million for Paraiso Parc in March 2007 and more than $58 million for Westfork Tower in September 2005.

Paraiso Parc was constructed in 2006 at 15703-15759 Pines Boulevard. The nearly 85,000-square-foot center is anchored by Publix. The Paraiso sale also included a SunTrust Bank branch.

Westfork Tower was built in 1998 and has more than 268,000 square feet. The 15805-15999 Pines Boulevard center’s tenants include Navarro Pharmacy, Payless ShoeSource and Regal Cinemas. — Eric Kalis

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