RK Centers pays $16M for Winn-Dixie-anchored Miramar shopping plaza

Buyer has been on a shopping spree for grocery-anchored retail

Miami /
Sep.September 16, 2021 11:30 AM
RK Centers pays $16M for Winn-Dixie-anchored Miramar shopping plaza

Google street view of 17051-17173 Miramar Parkway, Raanan Katz and Jeffrey Edison (Google Maps, LinkedIn, Phillips Edison)

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.





    Related Articles

    arrow_forward_ios
    NuRock's Paul Greilich with rendering of planned 11-story, 134-unit affordable apartment development (LinkedIn, Tarpon Housing Partners, Getty)
    NuRock advances affordable housing development in Hollywood
    NuRock advances affordable housing development in Hollywood
    The Connor Group’s Larry Connor, Bell Partners’ Jon Bell and Lili Dunn with Grand Riviera Miramar (The Connor Group, Bell Partners, Google Maps, Getty)
    Connor drops $138M for pair of Miramar rental complexes
    Connor drops $138M for pair of Miramar rental complexes
    Joseph Chetrit with Hollywood Beach Resort (Getty, Google Maps)
    Investor alleges Chetrit cut it out of Hollywood Beach deal
    Investor alleges Chetrit cut it out of Hollywood Beach deal
    From left: TPG's David Bonderman, Value Store It's Carlos Diaz, and TPG's Jim Coulter with 2400 Glades Circle
    TPG, Value Store It pay $19M for Weston self-storage facility
    TPG, Value Store It pay $19M for Weston self-storage facility
    Bal Harbour Shops CEO Matthew Whitman Lazenby (Whitman Family Development, Google Maps)
    Bal Harbour Shops allegedly owes subcontractor roughly $1M: lawsuit
    Bal Harbour Shops allegedly owes subcontractor roughly $1M: lawsuit
    A&D Group Realty's Americo D’Agostini with Doral Shops at 11402 Northwest 41st Street (LinkedIn)
    Retail investors pay $57M for Doral shopping center
    Retail investors pay $57M for Doral shopping center
    The site at 2655-2660 Northeast 189th Street (SVN Partners)
    Cohen, Bouskila propose 260 apartments near Brightline’s Aventura stop
    Cohen, Bouskila propose 260 apartments near Brightline’s Aventura stop
    Photo illustration of Bazbaz Development's Sonny Bazbaz along with a rendering of the planned development at 2134 North Miami Avenue in Wynwood (Getty, Bazbaz Development, LoopNet)
    Bazbaz buys Wynwood development site for mixed-use project
    Bazbaz buys Wynwood development site for mixed-use project
    arrow_forward_ios

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

    Loading...