Terra Group Lands $45M Refi for South Florida Retail Center
- Mar 20, 2020
Terra Group has closed on a $45 million refinancing loan for the 150,000-square-foot second phase of Pines City Center in Pembroke Pines, Fla., a 47-acre, master-planned, mixed-use center with retail, entertainment and restaurant space combined with multifamily residences. A Terra Group entity—Terra City Center Investments II LLC—has secured the refinancing loan from First Bank of Florida.
David Martin, president of Miami-based developer Terra Group, said in a prepared statement that the ability to close the loan reflects the retail demand at Pines City Center, as well as the strong relationship between Terra and First Bank of Florida.
Located at the southwest corner of Pines Boulevard and Palm Avenue, Pines City Center has a total of 300,000 square feet and a recently completed residential component with 387 luxury garden apartments and townhomes. In August, Terra closed on a $91 million refinancing loan for the rental community, Pines Garden at City Center. The company secured that loan through an affiliate of Mack Real Estate Group.
Terra unveiled plans for the two-phase, mixed-use project in January 2016. Groundbreaking of phase two began in 2019. Most of the development has been completed, with the remainder of construction to wrap up by the end of this year, according to Terra. The 150,000-square-foot retail center is anchored by Hobby Lobby and UFC Gym, a national fitness franchise that is an extension of the mixed martial arts promotion company, the United Fighting Championship. The center is 98 percent leased and includes numerous retail and restaurant outlets including: CoreLife Eatery, Paradise Grills, Chuy’s Tex Mex, McAllister’s Deli, Pinkberry, Colada Cuban Café, Walk-on’s Bistreaux & Bar, Hiccups and Churroholic, Style and Polish Blow Dry Bar, AT&T and Legacy Fit. Space Coast Credit Union, the third-largest credit union in Florida, is also located in the retail center.
The property is adjacent to the new $60 million Charles F. Dodge City Center and Convention Hall, which features a 3,500-seat auditorium, art gallery and outdoor plaza. The first phase of Pines City Center, a 145,000-square-foot retail center anchored by Publix, was sold to TA Realty in 2018. That space includes West Marine, Rooms to Go Outdoor, Outdoor Steakhouse, Cooper’s Hawk, City Mattress and Humana.
More Terra projects
Terra unveiled plans in December 2017 to develop another retail center in Pembroke Pines—16000 Pines Market, a 27-acre, 130,000-square-foot property at 16000 Pines Blvd. Tenants include 24 Hour Fitness, PetSmart, Floss Dental, Tipsy Nails, and a U.S. Postal Service branch.
In October, Terra, in partnership with Mayfair Advisors, completed construction of Mary Street, a mixed-use property in Miami’s Coconut Grove. The seven-story building has 77,840 square of Class A office space, 18,000 square feet of retail and a three-level parking garage.