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South Florida

Miami investor spends $17.6M on Broward shopping center

An overhead view of the Palm Square shopping center in Pembroke Pines
An overhead view of the Palm Square shopping center in Pembroke Pines

The Palm Square shopping center in Pembroke Pines was just sold to a Miami-based investor for $17.6 million.

Located at 9801 Pines Boulevard, the 80,566-square-foot shopping strip was built in 1987 on an 8-acre lot.

The seller, real estate development and investment company Pebb Enterprises, first purchased the property in 1990 for $3.3 million.

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After 25 years of managing the property, Pebb offloaded it to a company headed by Herve Barbera, whose LinkedIn page states he is the executive vice president of BAR Invest Management Services.

Barbera took out an $11.44 million mortgage on the property from BankUnited, according to Palm Beach County property records.

Last year, Barbera was part of an investment group that picked up an assembly of Bay Harbour Islands properties, though no details of that their plans for that purchase are available.

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Pembroke Pines