ALTARA Properties Successfully Oversees Leasing For 4K+ SF Of Retail At Palm Square In Pembroke Pines

ALTARA Properties has successfully overseen the leasing of 4,087 SF of retail at Palm Square in Pembroke Pines on behalf of the landlord, Galium Capital. Little Mikes Pizza leased 1,887 SF at 9843 Pines Blvd and Next Level Taekwondo leased 1,200 SF at 9815 Pines Blvd. Both sides of the transactions were overseen by Demetri Demascus, managing broker of ALTARA Properties. Success Mental Health Services leased 1,000 SF at 9839 Pines Blvd.

Palm Square is a 77,621 SF shopping center in Pembroke Pines, Florida. The property has more than 600 linear feet of prime retail frontage along Pembroke Pines’ a main retail corridor, Pines Boulevard, and over 160,000 people live within a three-mile radius. Tenants include Dunkin’ Donuts, KFC, Sherwin-Williams, and Goldfish Swim School. The property was built in 1987 on eight acres.

ALTARA Properties is a full service real estate company led by Managing Broker Demetri Demascus, who is also co-founder of PROFILEmiami. ALTARA Properties offers both residential and commercial brokerage and marketing services across South Florida with in-house PR, branding and marketing offered to all agents. ALTARA Properties has over $40 million in closed transactions since launching in early 2022.

Terra Locks Down $44 Million In Financing For Publix-Anchored Retail Development In Pembroke Pines

Coconut Grove, FL-based Terra has locked down a $43.74 million in senior mortgage financing for 16000 Pines Market. The loan was provided by Thorofare Capital, Inc., an affiliate of alternative investment manager Thorofare LLC., and was issued to 16000 Pines Retail Investments, LLC, an entity managed by 16000 Pines Market. 16000 Pines Market is a 135,000 SF mixed-use retail development nearing completion in the City of Pembroke Pines in South Florida’s Broward County. The financing was arranged by Walker & Dunlop’s Keith Kurland, Jackson Sastri and Ian Hawk of the firm’s New York City capital markets group.

Terra will utilize the loan proceeds to finish construction, capitalize the TIs/LCs and carry the project until its stabilization. Construction of 16000 Pines Market’s first phase was completed earlier this year, with construction of phase two now getting underway and expected to deliver in 2022.

“Terra’s continued investment in Pembroke Pines reflects the City’s growing residential population and the high barriers to entry that exist for new commercial development,” said Terra CEO David Martin. “16000 Pines Market will meet mounting demand for lifestyle-oriented retail and unique food and beverage experiences, while offering an everyday amenity for neighboring residents and visitors.”

The key anchor tenant at 16000 Pines Market is 91-year-old Publix Super Markets, Inc., the largest and fastest-growing employee-owned supermarket chain in the United States. Additional co-anchors include national off-price department store retailer Burlington (NYSE: BURL), which operates 740 stores across 40 states and Puerto Rico with over 40,000 employees and a $20 billion market capitalization, as well as Crunch Fitness, a fitness club chain that has more than 300 franchise locations across the United States, Canada and Australia.

Felix Gutnikov, Thorofare’s principal and head of originations, said, “closing this construction-completion loan for a Publix-anchored retail asset in a desirable South Florida suburb comes on the heels of our Miami office opening and underscores the firm’s commitment to expand our geographic footprint in the Southeast.”

“This high-structured financing reflects our belief that well-designed grocery-anchored shopping centers, with sought-after tenants such as Publix, will continue to garner demand from institutional debt and equity capital sources,” said Thorofare’s principal and CIO Brendan Miller. “Executing a transaction with Terra will help continue to expand our presence in the Southeast as well as diversifying our loan portfolio with grocery-anchored assets, the most resilient, necessity-based retail property type.”

16000 Pines Market is situated on 13.2-acres with strong visibility along Pines Boulevard and Dykes Road, a major thoroughfare in the affluent suburb Pembroke Pines, which is part of the Ft. Lauderdale retail market and Southwest Broward retail sub-market. Additional tenants include Verizon, Regions Bank, a United States Postal Service branch, Jersey Mike’s Subs, Vivo Pizza & Pasta, FirstWatch Café, Cheddar’s and MD Now.

Bar Invest Group Acquires 358-Unit Pembroke Pines Multifamily For $79.5 Million

Bar Invest Group, led by Herve Barbera, has acquired the 358-unit The Landings at Pembroke Lakes for $79.5 million, roughly $222,000 per unit. The property traded at a reported 4.5% cap rate and was 95% occupied at the time of sale. The seller was Starwood Capital Group who acquired the garden style multifamily property in 2016. The transaction was completed via an Entity Purchase, which involves transferring the LLC which owns the asset and not the deed, which is used in order to avoid paying documentary stamp taxes. The sale was financed with a $52.88 million loan provided by BankUnited NA. The transaction was overseen by Kaya Suarez and Still Hunter with Walker and Dunlop.

The Landings at Pembroke was developed in 1989 and is located on a 26.6 acre site at 10650 Washing St. in Pembroke Pines. The property features seventeen garden-style buildings with units ranging from one to two-bedroom layouts and from 486 square feet to 1,046 square feet. Bar Invest plans to execute a value add strategy and renovate the property by updating the common areas and apartment interiors. Amenities include a fitness center, pool, grill area, tennis and volleyball courts, racquetball, laundry facilities, business center and on-site management.

Galium Capital Closes On Palm Square Retail Center In Pembroke Pines For $20.475 Million

Galium Capital, a Miami-based private equity firm, has closed on Palm Square, a 77,621 SF shopping center in Pembroke Pines, Florida. The sales price was $20.475 million and the closing was overseen by Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI).

“Palm square is a true service-oriented neighborhood retail center located in one of the most sought-after markets in South Florida” said Jacques Bessoudo of Galium Capital. “Buying un-anchored “e-commerce proof” retail assets in sound markets is an investment thesis we feel strongly about, and are very excited about this latest acquisition”

Palm Square has more than 600 linear feet of prime retail frontage along Pembroke Pines’ a main retail corridor, Pines Boulevard, and over 160,000 people live within a three-mile radius. Tenants include Dunkin’ Donuts, KFC, Sherwin-Williams, and Goldfish Swim School. The property was built in 1987 on eight acres.

“Palm Square is service-oriented, unanchored retail strip center that at the time of the sale was 96% occupied by free-standing national tenants and prominent inline lessees,” said Jean-Baptiste Ramet of Marcus & Millichap’s Miami office. “The property is positioned within a thriving Broward County submarket just two blocks from the Pembroke Pines City Center and in the midst of newly completed and proposed multifamily, retail and mixed-use development.”

Ramet, Kirk D. Olson, and Drew A. Kristol, IPA senior directors, represented both the seller, Bar Invest, a Miami-based private investment group and the Buyer, Aventura-based Galium Capital. Galium Capital manages over $350 million of commercial property comprised of multifamily, office, and retail product across different national markets. Palm Square is their second retail acquisition in Florida, after The Shoppes at Lake Mary (101 N. Country Club Dr.) was purchased in early 2018. Galium Capital is led by Jacques Bessoudo and Iser Rabinovitz.

Terra Closes on $91 Million Refinancing For Pines Garden at City Center Apartments in Pembroke Pines

Terra, a South Florida-based residential and commercial development firm, has closed on $91 million in financing for its newest multifamily community, Pines Garden at City Center in Pembroke Pines. The firm secured the loan through an affiliate of Mack Real Estate Group. With approximately 40% of its apartments already leased just three months after opening to residents, Pines Garden at City Center is Broward County’s latest example of suburban mixed-use development combining retail and residential uses within one pedestrian-friendly property. Located at 10400 Southwest City Center Boulevard, the recently completed 387-unit luxury rental development is part of Pines City Center, a 47-acre master-planned village featuring approximately 300,000 SF of lifestyle-oriented retail, entertainment and restaurant space including to Publix, Cooper’s Hawk, Outback Steakhouse, West Marine, BurgerFi, Smoothie King, Bento Café, Halal Guys, UFC Gym and a movie theater.

“Our ability to close this significant loan reflects the early leasing success we’ve experienced at Pines Garden, the significant demand for luxury rentals in Pembroke Pines, as well as the strong relationship between Terra and Mack Real Estate Group,” said David Martin, president of Terra. “Our team created a master plan comprising high-end rental homes and lifestyle-centered retail that will service the community’s tenants as well as surrounding residents. The result is a condensed area of development that is introducing a new amenity for Pembroke Pines and maximizing value for the neighborhood.”

Pines Garden at City Center offers one- to three-bedroom garden apartments and two- or three-bedroom townhouses covering 651 to 1,491 SF of living space, as well as private balconies and terraces. Modern-designed residences are equipped with stainless steel appliances and quartz countertops, and protected by hurricane-grade, impact-resistant windows. High ceilings, extra-wide baseboards, custom cabinetry and designer fixtures exhibit an attention to detail usually reserved for custom-built homes. Monthly rents begin at $1,645 for a one-bedroom apartment; $1,795 for a two-bedroom apartment; and $2,256 for a three-bedroom apartment. Two- and three-bedroom townhouses range from $2,475 to $2,845 per month.

Amenities include a two-story Pines Garden Clubhouse, the social center of the neighborhood, which features a state-of-the-art fitness center, children’s playroom and game room, resort-style pool, co-working lounge and coffee bar, outdoor cooking area and other recreational options. There’s a gazebo, a life-size chess board, a dog park, and play spaces that include an enclosed tot-lot area. Gated for privacy and security, Pines Garden offers the beauty and serenity of a nature preserve within walking distance of the urban conveniences of Pines City Center.

Terra Launches Leasing For Their Newest Rental Community, Pines Garden at City Center In Pembroke Pines

Terra has launched leasing at its newest luxury rental development, Pines Garden at City Center, ahead of opening to residents this month. The 387-unit residential community is part of Pines City Center, a 47-acre master-planned village rising within the city of Pembroke Pines. Located just off Pines Boulevard, the two phases of Pines City Center will comprise approximately 300,000 total square feet of lifestyle-oriented retail, entertainment and restaurant space alongside residential apartments. Monthly rents at Pines Garden begin at $1,645 for a one-bedroom apartment; $1,795 for a two-bedroom apartment; and $2,256 for a three-bedroom apartment. Two- and three-bedroom townhouses range from $2,475 to $2,845 per month. Apartments at Pines Garden at City Center are ready for occupancy as of April 2019.

“Pines City Center is a good example of how underutilized land can be brought to life through carefully-planned development that contemplates the right mix of uses,” said David Martin, president of Terra. “In this case, our team created a master plan comprising of high-end rental homes and lifestyle-centered retail that services the community’s tenants as well as surrounding residents. The result is a condensed area of development that is introducing a new amenity for Pembroke Pines and maximizing value for the neighborhood.”

Pines Garden has been designed to be distinctively different from typical residential destinations with a stunning tropical ambience highlighted by lush mature landscaping and contemporary, plantation-influenced architecture. Modern-designed residences will be equipped with stainless steel appliances and quartz countertops, and protected by hurricane-grade, impact-resistant windows. High ceilings, extra-wide baseboards, custom cabinetry and designer fixtures exhibit an attention to detail usually reserved for custom-built homes.

Amenities include a two-story Pines Garden Clubhouse, the social center of the neighborhood, which features a state-of-the-art fitness center, children’s playroom and game room, resort-style pool, co-working lounge and coffee bar, outdoor cooking area and other recreational options. There’s a gazebo, a life-size chess board, a dog park, and play spaces that include an enclosed tot-lot area. Gated for privacy and security, Pines Garden will offer the beauty and serenity of a nature preserve within walking distance of the urban conveniences of Pines City Center.

Images via Terra