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.