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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.

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