RK Centers pays $28M for Coral Springs shopping plaza

The Coral Palm Plaza in Coral Springs and RK Centers founder Raanan Katz
The Coral Palm Plaza in Coral Springs and RK Centers founder Raanan Katz

RK Centers, a South Florida company known for its retail holdings, just inked a $28.15 million deal for the Coral Palm Plaza in Coral Springs.

The retail strip was built in 1986 and is located at 2015-2153 University Drive. It measures 135,723 square feet and is leased out to tenants like Doris Italian Market, Michael’s, Coral Springs Physicians and El Mariachi Restaurant.

For the past four years the shopping center was owned by an affiliate of New York’s Investcorp, which manages roughly $10 billion in assets across the globe, according to the company’s website.

Investcorp paid $19.85 million, or $146 per square foot, for Coral Palm Plaza in 2011. Now, through a deed filed Tuesday, the company has transferred its ownership to South Florida-based RK Centers for about $207 per square foot.

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Luis Castillo, Daniel Finkle, and Nat Scarmazzi of commercial brokerage HFF represented Investcorp for the sale.

HFF said RK Centers purchased the plaza free and clear of debt. The firm didn’t take out any financing for the deal, either, according to public records.

RK is a private, family-owned real estate company with roughly 7 million square feet of commercial holdings along the East Coast. It was founded by Raanan Katz, a former player for the Israeli National Basketball Team and eventually a partial owner of the Miami Heat. The company has offices in both Sunny Isles Beach and Massachusetts.

Katz’s love of basketball likely explains RK Center’s logo, which appears on all of its shopping centers: a basketball falling through a hoop. —  Sean Stewart-Muniz