Miami Heat minority owner pays $20M for Sweetwater Best Buy

RK Centers completed deals totaling $100M last year

Miami /
Sep.September 29, 2020 10:30 AM
Raanan Katz and 10760 Northwest 17th Street in Sweetwater (Photos via RK Centers; Raanan Katz)

Raanan Katz and 10760 Northwest 17th Street in Sweetwater (Photos via RK Centers; Raanan Katz)

As the Miami Heat eye a potential NBA championship, one of the team’s original partners has reason to celebrate early.

Raanan Katz’s real estate company RK Centers paid $20.4 million for a 4.2-acre property leased to Best Buy at 10760 Northwest 17th Street in Sweetwater, near Dolphin Mall and Miami International Mall.

The 46,000-square-foot building is home to a retailer that has kept up with rent payments amid the global pandemic.

Jose Sasson-Lerner of Axiom Capital Advisors represented the buyer in the deal, according to a press release. Roberto Susi, also from Axion, represented the seller, Shops at 107th LLC, which is managed by Salomon Hanono.

An affiliate of Shoma Group sold the property to Shops at 107th LLC in 2006 for $5.2 million. The Best Buy building was developed in 2008.

In August, publicly traded Best Buy’s second-quarter earnings beat expectations, seeing $9.13 billion in sales thanks to sales of computers and appliances, according to Forbes.

Last year, RK completed more than $100 million in acquisitions, investing in seven new properties totaling just under 500,000 square feet, mostly in South Florida and New England, according to the release.

Katz began buying commercial real estate in South Florida in the 1970s. In 1986, he became a partner in the Miami Heat expansion and has been a limited partner since 1988, according to his website.

Still, the year hasn’t been a slam dunk for Katz. Earlier this year, RK Centers filed a lawsuit alleging that one of its restaurant tenants “willfully disregarded relief programs as a result of COVID-19” and in March stopped making its $10,342 monthly payment on its five-year lease.

Other recent retail deals in South Florida include the $14.4 million sale of a Planet Fitness-anchored Tamarac shopping center in March and the $12.75 million sale of a Lauderhill retail center.


Related Articles

arrow_forward_ios
Q2’s largest retail transaction: Regal Acquisitions’ $34 purchase of CVS-anchored retail at Boulan South Beach hotel (Google Maps)
South Florida’s retail market slowly emerges from pandemic woes in Q2
South Florida’s retail market slowly emerges from pandemic woes in Q2
Jorge and Jon Paul Perez with a rendering of the project (Getty, Related Group)
Related wins approval for another Wynwood mixed-use multifamily project
Related wins approval for another Wynwood mixed-use multifamily project
Cobblestone Commons at 8767 Boynton Beach Boulevard (Google Maps)
Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M
Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M
The Shoppes of Oakland Forest (Rich Commercial Group)
Shopping center in Oakland Park sells for $11M
Shopping center in Oakland Park sells for $11M
BridgeInvest's Alex Horn and Rieber Developments' Bernardo Rieber with a rendering of the project 
Rieber lands $15M loan for Aventura mixed-use project
Rieber lands $15M loan for Aventura mixed-use project
Arnaldo Bomnin and 8525 South Dixie Highway (Google Maps)
Bomnin Automotive pays $7M for former Pinecrest Mitsubishi dealership
Bomnin Automotive pays $7M for former Pinecrest Mitsubishi dealership
21046 Commercial Trail, Boca Raton (Google Maps, iStock)
New bowling alley lease couldn’t keep South Florida’s retail market out of the gutter in Q4
New bowling alley lease couldn’t keep South Florida’s retail market out of the gutter in Q4
2195 Northwest 103rd Street (Google Maps, iStock)
Four South Florida gas stations sell for $15M
Four South Florida gas stations sell for $15M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...