Pinecrest shopping center sells for $66.5 million
MIAMI HERALD — May 31, 2016 — BY NICHOLAS NEHAMAS. A shopping center in Pinecrest sold for $66.5 million Tuesday, reflecting a retail boom in South Florida.
An affiliate of Miami Beach-based commercial real-estate firm Terranova paid $9.3 million for the 82,000-square-foot Suniland Shopping Center in 1994, adding on another parcel of land for $1.1 million two years later. The buyer is a real-estate investment trust based in Denver. Tenants include CVS, a U.S. Post Office, SunTrust and Flanigan’s restaurant.
Developers have been buying and building new malls across South Florida in response to population growth and increased tourism.
