Terra sold the second half of its shopping centre at Pines City Center in Pembroke Pines for $23 million.

Terra City Center Investments II, affiliate of Miami-based Terra, sold 48,500 square feet of retail at 10250 Pines Blvd. to Lautaro RE Investments Corp., a Miami-based company managed by Mario Carrasco Hernandez. The price equated to $474 a square foot.

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The deal covers three buildings that are 100% leased, said Flagship Retail Advisors' Josh Wade, who brokered the transaction. They are anchored by the UFC Fit gym, Space Coast Credit Union and Maple Street Biscuit Co. It was completed within the past year.

Pines City Center is a mixed-use project initiated by the city that includes retail, apartments, City Hall and a civic center. Terra completed an apartment complex there in 2019. In 2018, Terra sold the first phase of its shopping center there, with Publix Super Markets as the anchor, for $80 million.

After selling the second phase to Lautaro, Terra still owns the western portion of the shopping center, which is anchored by Hobby Lobby and totals about 100,00o square feet.

"This sale reflects the sustained demand we are experiencing for South Florida retail assets, as investors gravitate toward well-located properties which are stabilized and in close proximity to residential housing," said David Martin, CEO of Terra.

While retail has suffered in other parts of the county, there's still be fairly strong demand for shopping centers in South Florida as the population grows. Pines Boulevard is one of the busiest streets in Broward County.