The Real Deal Miami

Retail REIT buys Pembroke Pines shopping centers from DRA Advisors for $163M

Deal is the largest commercial sale in Broward County so far this year
By Katherine Kallergis | February 06, 2017 12:45PM

Pembroke Pines properties. Inset: InvenTrust CFO and CIO Michael E. Podboy

InvenTrust Properties Corp. paid about $163 million for two shopping centers in Pembroke Pines that are in the midst of expanding.

Records show two affiliates of New York-based investment manager DRA Advisors sold Paraiso Parc and Westfork Plaza in a $98.94 million deal for Westfork, at 15805-15999 Pines Boulevard, and a $64 million deal for Paraiso Parc, at 15701 and 15703 Pines Boulevard.

The deal is the largest commercial sale in Broward County so far this year. It covers 95 acres on Pines Boulevard and Northwest 160th Avenue, on shopping centers that are expanding to 389,000 square feet once they’re completed by mid-2017, according to InvenTrust. The price breaks down to $470 per square foot for retail space and $39 per foot for the land.

Anchor tenants include Publix, Costco, Regal Cinemas, Ross and TJ Maxx. Other tenants are Five Guys Burgers and Fries, Baptist Health South Florida, CycleBar and AT&T. Publix occupies 45,600 square feet, Ross is leasing 27,282 square feet, and TJ Maxx is leasing 24,000 square feet, according to data from the CoStar Group.

Woolbright Development’s Michael Mogerman handles leasing for the shopping centers, marketing materials show.

InvenTrust, based in Oak Brook, Illinois, owns and manages 88 retail properties totaling 15.1 million square feet. The real estate investment trust focuses on open-air shopping centers, the company said.

DRA Advisors purchased the Pembroke Pines centers in 2014 from Miami Beach-based Terranova Corp. for a combined $84.85 million. A DRA-managed fund sold five Blue Lagoon office buildings in May for $68 million after buying them in 2011 for $44 million. The firm invests in shipping centers, office, industrial and multifamily properties, and serves insurance companies, pension funds, foundations, mutual funds, banks and more, according to Bloomberg.

The Pembroke Pines properties are across the street from the Grand Palms Hotel, Spa and Golf Resort. About five miles east, Miami-based Terra Group is building City Center, a roughly 100-acre development, including lakes and retention ponds, located near the current city hall.

TRD Researcher Eda Kouch contributed to this report.