Petsmart and 24 Hour Fitness among first tenants in Terra retail project in Broward

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Petsmart and 24 Hour Fitness among first tenants in Terra retail project in Broward
 
Published Wednesday, December 13, 2017

Terra’s 16000 Pines Market retail center has nabbed its first tenants as the Pembroke Pines project prepares for construction.

The 130,000-squae-foot retail center has been 75 percent pre-leased, said the Miami-based developer. Tenants include 24 Hour Fitness, Petsmart, Gyu Kaku Japanese restaurant, MOD Pizza, Floss Dental, Tipsy Nails and a United States Postal Servicebranch. There will also be a "natural gourmet foods grocer” whose name Terra didn’t disclose.

“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 David Martin, Terra’s president and co-founder. “16000 Pines Market will meet mounting demand for unique retail and dining experiences, while offering an everyday amenity for neighboring residents and visitors.”

Courtelis Co., which is managing the leasing at 16000 Pines, noted that 400,000 people live within a five-mile radius of the center.

The City of Pembroke Pines agreed to sell the 27.4-acre site to the developer. So far, Terra has closed on the first phase by purchasing about 10 acres for $11.49 million. The developer received a $47.78 million mortgage.

The site at 16000 Pines Blvd. previously had a large U.S. Post Office. Terra said it plans to begin construction in 2018 and complete the project in the third quarter of 2019.

Source: South Florida Business Journal


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