Raanan Katz buys Pembroke Pines shopping center

The property is right in front of Pembroke Lakes Mall

Sep.September 24, 2019 09:45 AM
Raanan Katz and 11460 Pines Boulevard (Credit: Google Maps)

Raanan Katz and 11460 Pines Boulevard (Credit: Google Maps)

A company tied to Sunny Isles Beach commercial property owner Raanan Katz bought a retail center in Pembroke Pines for $22.3 million.

Pembroke Pines II LLC, led by Katz, bought the 96,220-square-foot property at 11460 Pines Boulevard for $231 per square foot, records show. Katz purchased the property from Bayshore Developers VII, which is managed by Randall Kella and Jennifer Hershon.

The property is right in front of the Pembroke Lakes Mall. Tenants at the retail development include Party City and Bed Bath & Beyond. The retail center was built in 1999 and sits on 9.6 acres.

Katz leads RK Centers, a privately-held real estate development company that currently owns over 8 million square feet of commercial space, according to its website.

Many of the properties are in Sunny Isles Beach and Aventura, including the RK Village Plaza at 18090 – 18290 Collins Avenue in Sunny Isles Beach.

Katz was an original partner in the National Basketball Association’s Miami Heat and was a former basketball player in Israel.

Despite concerns that retail properties will struggle due to the rise of e-commerce and the demise of brick-and-mortar stores, retailers are faring far better in South Florida than in other parts of the country. According to JLL’s Florida Retail Report, Broward County had an average retail occupancy of 95 percent in the second quarter of 2019.

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