National scope. Local knowledge.
16000 Pines Market
$43,740,000 Construction-Completion Financing
Pembroke Pines, FL | June 2021
Thorofare Capital has funded $43.74 million in construction-completion financing for 16000 Pines Market, a 117,583-square-foot, mixed-use retail development nearing completion in the City of Pembroke Pines within South Florida’s Broward County. The 6-building, grocery-anchored project was 92.80% pre-leased at the time of loan origination.
The sponsor will utilize the loan proceeds to finish construction, capitalize the TIs/LCs and carry the project until its stabilization. Construction of 16000 Pines Market’s first phase was completed in early 2021, with construction of phase two now getting underway and expected to deliver in late 2022.
The key anchor tenant at 16000 Pines Market is 91-year-old Publix Super Markets, Inc., the largest and fastest-growing employee-owned supermarket chain in the United States. Additional co-anchors include national off-price department store retailer Burlington (NYSE: BURL), which operates 740 stores across 40 states and Puerto Rico with over 40,000 employees and a $20 billion market capitalization, as well as Crunch Fitness, a fitness club chain that has more than 300 franchise locations across the United States, Canada and Australia.
16000 Pines Market is situated on 13.2-acres with strong visibility along Pines Boulevard and Dykes Road, a major thoroughfare in the affluent suburb Pembroke Pines, which is part of the Ft. Lauderdale retail market and Southwest Broward retail sub-market. Additional tenants include Verizon, Regions Bank, a United States Postal Service branch, Jersey Mike’s Subs, Vivo Pizza & Pasta, FirstWatch Café, Cheddar’s and MD Now.
The sponsor is a Miami-based, vertically-integrated private investment firm that focuses on acquisitions, entitlement, design, construction, leasing and management of various commercial, multifamily residential and luxury condominium projects throughout South Florida.