PEMBROKE PINES, FL-A joint venture of Miami Beach-based Terranova Corp. and BlackRock Realty Advisors has acquired the 88,850-sf Paraiso Parc for $39 million. The shopping center, located on Pines Boulevard just west of Interstate 75, is a newly constructed center anchored by Publix.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.