Terra sold the Doral Square retail center, which it developed in 2021, for $74 million.
The Miami-based firm sold the 150,000-square-foot retail complex at 8700 N.W. 36th St. to North Miami-based IMC Equity Group. Mark Gilbert of Cushman & Wakefield brokered the deal. Miami-based Ocean Bank provided a $36 million mortgage to the buyer.
The price worked out to $493 per square foot.
Terra developed the retail and parking garage at Doral Square next to an office campus that’s also called Doral Square. The office property was sold separately in 2024.
“When we first opened Doral Square, our goal was to bring a dynamic, community-focused retail destination to a rapidly growing corridor,” said David Martin, CEO of Terra. “Five years later, the center has become an important part of daily life in Doral, with a tenant mix that brings energy, convenience, and lifestyle amenities to the neighborhood. The success of this asset and today’s sale demonstrate how thoughtful placemaking can drive lasting value and enhance communities.”
The center is 100% leased and tenants include Marshalls, Ross Dress for Less, UFC Gym, HomeGoods, Pet Supermarket, One Medical, Laser Away, AT&T, Paradise Grills, European Wax Center, First Watch, Jersey Mike’s, Just Salad, Panda Express, and Nacion Sushi.
IMC Equity group is one of the biggest retail owners in South Florida.
“The property fits extremely well within IMC’s retail portfolio,” said Carlos Segrera, chief investment officer of IMC Equity Group. “Its exceptional location at the southeast corner of Northwest 87th Avenue and Doral Boulevard, combined with the fact that many of the tenants are well-known to us, made this a compelling opportunity and a great acquisition with which to close the year.”
Investors have been increasingly buying retail centers across South Florida as occupancy rates and rents have been strong.