Construction of the property was completed about three months ago. It was acquired from Safety Harbor-based developers Paradise Development Group. Terranova will handle the leasing and management of the property. The center is next to Westfork Plaza, which the joint venture acquired last year.

Among tenants in Westfork Plaza are Costco, Office Depot and Winn Dixie. Among tenants in Paraiso Parc are SunTrust, Triple AAA and Panda Express. Paraiso Park is 99% occupied, Terranova chairman Stephen Bittel tells GlobeSt.com.

"This acquisition grows our presence in Pembroke Pines, one of the top retail markets in all of South Florida," Bittel says. "The new Paraiso and the adjoining Westfork Plaza are two of the best centers in that market, forming a powerful combination of over $100 million of retail real estate drawing power to serve the demand for space, merchandise and services in that part of southwest Broward."

With strong population and income growth, Pembroke Pines is one of the strongest retail markets in South Florida, with an average shopping center vacancy rate of less than 2%. "Pines Boulevard is the triple AAA retail street in Broward County," Bittel says. "It's a very dense area with a great daytime population."

The acquisition marks the fourth deal with Terranova and BlackRock in the last two and one-half years, bringing the total deal volume to $220 million.