RK Centers pays $16M for Winn-Dixie-anchored Miramar shopping plaza
Buyer has been on a shopping spree for grocery-anchored retail
Raanan Katz’s RK Centers continues to expand its South Florida retail holdings, this time scooping up a Winn-Dixie-anchored shopping plaza in Miramar for $15.7 million.
RK Centers bought Park View Square at 17051-17173 Miramar Parkway from an affiliate of Cincinnati, Ohio-based Phillips Edison & Company, records show.
Phillips Edison, which promotes itself as one of the biggest owner-operators of grocery-anchored shopping centers in the U.S., bought Park View Square for $14.5 million in 2014. The firm manages a portfolio of 300 shopping centers across 31 states, according to its website. Jeffrey Edison is chair and CEO.
Besides Winn-Dixie, Park View Square’s tenants include a pizza shop, Subway, Quest Diagnostics and a hair salon.
The 72,256-square-foot plaza spans 9.3 acres and was constructed in the early 2000s, according to property records.
RK Centers, with offices in Sunny Isles Beach and Needham, Massachusetts, invests in real estate in South Florida and New England. Katz, who owns a minority stake in the Miami Heat, started out investing in multifamily in Greater Boston, but switched his focus to commercial real estate in 1980, according to RK’s website. His first South Florida purchase was a block of stores in Miami Beach in 1984.
This is at least the second grocery-anchored shopping center RK has purchased this year in South Florida. In March, the company bought the Publix-anchored Veranda Shoppes in Plantation for $17 million.
Grocery-anchored retail has remained healthy throughout the pandemic, as consumers have continued to buy groceries in stores. Other brick-and-mortar retailers have struggled to keep up with e-commerce growth.
RK also invested in Best Buy-leased properties this year, scooping up at least two in South Florida. It bought a West Palm Beach store for $12 million in May, and one in Plantation for $11.5 million in January.