Terra Group’s 16000 Pines Market shopping center has been sold to Apollo Realty Income Solutions (ARIS), a real estate investment arm of Apollo Global Management. The 135,000 square foot retail development is fully occupied and boasts of a tenant mix anchored by Publix Supermarket, Crunch Fitness, Burlington, First Watch Café, Verizon Wireless, Everglades Family Dental, Tropical Smoothie Cafe, Cheddar’s Scratch Kitchen, Jersey Mike’s Subs and an MD-Now Urgent Care Center. Additionally, the property has two standalone units occupied by a United States Post Office branch and a Regions Bank with a drive-thru.
The purchase of 16000 Pines Market by Apollo Realty Income Solutions underscores the persistent demand for well-positioned and secure retail assets in South Florida. The shopping center is located on 13.2 acres at the notable junction of Pines Boulevard and Dykes Road and was constructed in two phases, spanning from 2020 to 2022.
“Creating a retail environment that meets the needs of today’s consumers is about much more than simply filling storefronts,” David Martin says, CEO of Terra Group, a Miami-based real estate development and investment company. “At 16000 Pines Market, we curated a retail mix driven by restaurants, grocery, and everyday services – tenants that aren’t forced to compete head-to-head with e-commerce when it comes to serving nearby residents. That formula, coupled with strong buyer demand for a top-tier newly developed asset in one of South Florida’s most popular suburban neighborhoods, ultimately led to this sale.”
The Cushman & Wakefield team of Mark Gilbert and Adam Feinstein represented Terra in the transaction.
In 2020, Terra completed the development of Pines City Center, a mixed-use project that includes 300,000 square feet of retail, dining, and entertainment spaces and market-rate residential units. Publix Supermarket, Hobby Lobby and UFC Gym anchor the center’s tenant roster.
