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.

Aztec Group Secures Debt & Equity For Retail Acquisition In South Carolina

Aztec Group, Inc., Florida’s leading real estate investment and merchant banking firm for the past 40 years, has announced that Managing Directors Jason Shapiro and Sean Harrington, and Senior Associate, Joel Zusman secured a $10.75 million, 60% loan-to-cost, non-recourse loan and joint venture equity for the acquisition of Chapin Crossing, a 72,714 square foot Publix-anchored shopping center located in Chapin (Columbia MSA), South Carolina.

Located at 1235 Chapin Road, the property was built in 2017 and is situated at the southwest corner of Chapin Road and Lexington Avenue on 13.6 acres of land. Chapin Crossing is comprised of a 45,600 square foot Publix, 13,950 square feet of in-line space and a 13,164 square foot multi-tenant outparcel. The Property’s tenants include Anytime Fitness, Marco's Pizza, Bank of America, Palm Beach Tan, Pacific Dental, Jersey Mike's, Verizon and Palmetto Health.

Aztec Group represented the buyer, a partnership led by affiliates of Miami, Florida-based CF Properties Corp. The lender is a Missouri-based life insurance company, and the loan was executed with a fixed rate under 3.0% for ten years. “The low, fixed interest rate will further support the buyer’s objective of strong and long-term cashflow, which has become difficult to find today,” said Sean Harrington.

Over the last 90 days, Aztec Group’s team has closed over $250,000,000 in debt and equity engagements for multifamily, retail, office, land and industrial properties across the Southeast.

Aztec Group Arranges $12 Million In Financing For Publix-Anchored Kirkman Oaks Shopping Center

Aztec Group, Inc. has secured $12 million in non-recourse financing for Kirkman Oaks Shopping Center in Orlando, Florida, overseen by Brell Tarich and Charles Penan. Kirkman Oaks is an 98,000-square-foot neighborhood retail center anchored by Publix Supermarket and Davita Dialysis. The property is 98% occupied and ideally located just north of Universal Studios at 4606 S Kirkman Road, Orlando, FL.

“Grocery-anchored retail centers, especially those boasting Publix as their anchor, are highly coveted by lenders looking to put out capital in the current Covid-19 environment,” said Brell Tarich, Director of Aztec Group. “The borrower’s stellar track record coupled with the well-performing property allowed us to secure long-term financing at very attractive terms that exceeded the borrower’s expectations.”

The financing was provided by a Georgia Based regional bank. Financial terms of the non-recourse mortgage include a 7-year term, sub-3.5% fixed interest rate and a 30-year amortization schedule. The borrower is led by Daniel Halberstein, a seasoned retail and office investor based in Aventura, Florida.

“Kirkman Oaks benefits from its exceptional infill location at the main intersection of one of Orlando’s premier submarkets,” added Charles Penan, Executive Vice President of Aztec Group. “The terms of this financing speak to the strength of both the ownership and the asset itself.”

Urban X Group Celebrates Grand Opening Of River Landing Shops & Residences On The Miami River

Urban X Group and the Toronto-based H&R Real Estate Investment Trust have officially celebrated the grand opening of River Landing Shops & Residences, located at 1400 NW River Drive along the Miami River. The announcement comes on the heels of the projects completion earlier this year where the first phase of retailers were allowed to open in May 2020. The ownership team delayed the official grand opening for the project until retailers were more comfortable with the economy in the post-COVID-19 world. The project originally broke ground in March 2017 and cost roughly $425 million to develop.

River Landing Shops & Residences brings in excess of 2.2 million SF of total development to the Miami River including 528 market-rate apartments; 135,000 square feet of office space; 345,000 square feet of retail; and, 2,200 parking spaces. The retail component of the project is currently 70% leased. Retail tenants include Publix, Chase Bank, Planet Fitness, TJ Maxx, AT&T, West Marine, Ross Dress For Less, Burlington Stores, Chick-Fil-A, Old Navy, Ficellas Bakery, Five Below and a Hobby Lobby. The project will also bring a 50’ wide linear park designed by Savino & Miller Design Studio, who is the landscape architect for the project.

Leasing for the office component at River Landing Shops & Residences launched in August 2020 with the first residents moving into the residential component in October. The residential component is managed by Lantower Residential, a subsidiary of H&R REIT.

Publix Receives Construction Permit For New Location In Downtown Miami At 3 MiamiCentral

Publix has received a construction permit to begin work on their newest supermarket location at Three MiamiCentral, just one block from MiamiCentral Station. Publix will buildout their 27,935 SF location in the ground floor retail space of the recently completed building which also features 90,000 SF of Class A office space and parking. Construction costs are estimate around $3.3 million and Hawkins Construction will be the General Contractor on the project. Three MiamiCentral was the first building to open as part of the 11-acre, mixed-use MiamiCentral initiative by Florida East Coast Industries in Downtown Miami.

River Landing Shops & Residences Unveils Waterfront "Restaurant Row" On The Miami River

The already under-construction River Landing Shops & Restaurants, being developed by River Landing Development including the Coral Gables-based UrbanX Group and Coralee Penabad along with H&R REIT, and Matthews Southwest, have revealed a waterfront “Restaurant Row,” further engaging the Miami River. The project, which is located at 1400 NW River Drive, will offer 25,500 SF of leasable restaurant space to bring 7 restaurants ranging from fine dining, family-style, cafes and fast casual concepts. River Landing Shops & Residences originally broke ground in March 2017 and will bring a total of 2 million SF of total development including 528 market-rate apartments, 2,200 parking spaces and a large retail component featuring a Publix, Chase Bank, TJ Maxx, AT&T, West Marine, Ross Dress For Less, Burlington Stores and a Hobby Lobby. The project will also bring plenty of green space to the area including a 50’ wide linear park with Savino & Miller Design Studio as the landscape architect for the project. River Landing Shops & Residences was originally designed by Jonathan Cardello of Stantec with BC Architects as the architect of record. Completion and opening is expected for early 2020.

Terra Sells The Publix Anchored Doral Commons Retail Center to Jamestown, L.P.

Doral has been a hotspot for growth with intense demand for stable assets. Recently, Terra’s Doral Commons retail plaza sold to Jamestown, L.P. for a reported $71.6 milllon. The 140,000 SF shopping center was 95% leased at the time of sale with anchor tenant Publix Supermarket alongside TJ Maxx, Citibank, GNC, AT&T Wireless, McDonald’s, and others. Cushman & Wakefield represented Terra in the transaction. Doral Commons is located at the intersection of northwest 74th Street and 107th Avenue, and was initially part of a 100-acre tract acquired by Terra co-founders David and Pedro Martin in 2012. Terra subdivided the land into commercial and residential uses and completed the construction of Doral Commons in 2015. Terra's 319-home Modern Doral development is located directly next-door to the retail center.

“The commercial growth underway in Doral is one of the most exciting stories playing out in South Florida’s real estate landscape,” says David Martin, president and co-founder of Terra. “Rising demand for retail, office and industrial real estate is being fueled by a growing residential population, the City’s desirable lifestyle, and improving infrastructure and transit options. Terra developed Doral Commons with the goal of attracting a tenant mix that would meet the everyday needs of nearby residents, and the success of that formula ultimately led to this sale.”

“The Doral Commons sale coincides with a surge of retail leasing activity in Doral which is creating heightened demand among sophisticated investors such as Jamestown,” according to Mark Gilbert, Executive Managing Director of Cushman & Wakefield’s South Florida capital markets team. “This is a case of Terra taking a forward-looking approach to acquiring a site, recognizing a void in the market, and creating value through execution and leasing. (sic) Doral’s retail occupancy rate is in the 98 percent range, according to our firm’s latest retail report, and that number should hold given Doral has become a live-work-play community and remains one of the most dynamic markets in the Southeast for all property types in the eyes of core real estate investors. The fact that Doral is one of the fastest-growing cities in the Southeast is special, but it’s the quality of residential and employment growth that makes it a must-own market for institutional investors.”