TA Realty paid $80 million for the first phase of Pines City Center, a mixed-use project that Terra is developing in Pembroke Pines.
David Martin’s Terra sold nearly 150,000 square feet of retail space at the southwest corner of Pines Boulevard and Palm Avenue, according to property records. The shopping center is anchored by Publix, Rooms to Go Outdoor and West Marine.
The deal breaks down to about $550 per foot. Other tenants include Outback Steakhouse, Cooper’s Hawk, City Mattress and Humana, according to a release. The developer paid nearly $16 million for the property in 2016 and secured a $54.3 million loan from Oakland Finance & Investment LLC at the time.
Terra is currently building another 150,000 square feet of retail, entertainment and restaurant space next to apartments that are also under construction at Pines City Center. Only the first phase of the retail component sold to TA Realty, a Boston-based asset manager. Phase two will be completed next year.
The mixed-use project will also include a $60 million civic center with a 3,500-square-foot performing arts center and conference hall, an outdoor plaza, a 10,000-square-foot art gallery and a new city hall for Pembroke Pines.
About a year ago, Terra closed on nearly $82 million in financing for the second phase of retail and the 387-unit multifamily development.