RK Centers pays $27M for shopping centers in Dania Beach and North Lauderdale
Edens sold the properties
Raanan Katz’s RK Centers just paid $26.5 million for two Publix-anchored retail centers in South Florida, property records show.
Edens, a retail real estate developer and operator, sold Beachway Plaza in Dania Beach for $15.6 million and Shoppes at Western Woods in North Lauderdale for $11.25 million.
Beachway Plaza, a 59,625-square-foot retail center at 402 East Dania Beach, traded hands for about $260 per square foot. Edens affiliate Beachway LL paid $11.2 million for the shopping center in 2004, according to property records.
Western Woods, a 49,500-square-foot retail center at 8140 West Mcnab Road, sold for about $227 per square foot. Edens affiliate Western Woods E&A LLC, paid about $9.5 million for the property in 2007.
Cushman & Wakefield’s Mark Gilbert, Adam Feinstein and Mitch Halpern brokered the deal. Beachway Plaza is 98 percent leased to tenants that include Bank of America and The Fresh Squeeze juice bar. The Shoppes at Western Woods sold fully leased to State Farm, a nail salon and other tenants. Both shopping centers were built in 2002.
RK, owned by the Katz family, controls roughly 8 million square feet of commercial space along the East Coast. Katz was also a minority owner of the Miami Heat.
In 2015, his company paid $28.15 million for a shopping center in Coral Springs.