JV makes Paraiso Parc purchase

Newly built asset gets nearly $439 a square foot

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A joint venture between Terranova and BlackRock Realty Advisors recently paid $39 million to acquire the brand-new Paraiso Parc, a new Publix-anchored shopping center in Pembroke Pines, Fla. The property, which totals 88,850 square feet, is located on Pines Boulevard just west of I-75. The acquisition of Paraiso Parc marks the fourth collaboration between BlackRock and Terranova in the last two-and-one-half years, bringing their total deal volume to more than $220 million, including two office buildings, one industrial park, eight urban retail properties and the shopping center. The seller's identity was not disclosed. ...