Three points — er, retail properties in Davie for Miami Heat minority owner
The properties have a combined 447K sf
Miami Heat minority owner Raanan Katz scored a three-pointer: scooping up a trio of Davie retail centers for $28.7M.
Basketball aficionado and real estate mogul Katz, along with Daniel and David Katz, as managers of the entity RK Davie LLC, bought the properties at 5840 South University Drive, 5780 South University Drive and 5810 South University Drive.
The seller for all three properties is Lakeside Town Shops E&A, a South Carolina LLC linked to Columbia, South Carolina-based private real estate firm Edens, records show.
Dennis Carson with CBRE represented both buyer and seller, a spokesperson for Katz said.
The largest shopping center, at 5840 South University Drive, totals 350,109 square feet, records show. Tenants include T-Mobile, Mattress Giant and Jersey Mike’s Subs.
The retail plaza at 5780 South University Drive totals 47,738 square feet. Tenants include Tropical Smoothie Cafe, AT&T and Avenue Nails & Spa.
And the property at 5810 South University Drive has 49,533 square feet, Tenants include Geronimos Grill, Blush Nails and Vinnie’s Lobster Bar.
Together, their combined square footage totals 447,380 square feet.
The properties are within walking distance of each other and were built between 2005 and 2007, according to records.
Katz, who leads RK Centers, 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. RK Centers is based in Needham, Massachusetts and Sunny Isles Beach.
In September, RK Centers expanded its South Florida retail holdings by scooping up a Miramar shopping center, Park View Square, at 17051-17173 Miramar Parkway, from an affiliate of Cincinnati, Ohio-based Phillips Edison & Company for $15.7 million.
In May, RK Centers paid $12 million for the 45,683-square-foot Best Buy store at 180 Palm Beach Lakes Boulevard from an affiliate of Orion Real Estate Group. That purchase marked the third Best Buy-leased building RK Centers bought in less than a year.
In January, Katz paid $11.5 million for a 58,000-square-foot Best Buy building at 12301 West Sunrise Boulevard in Plantation. Several months earlier, he paid $20.4 million for a 4.2-acre property leased to Best Buy at 10760 Northwest 17th Street in Sweetwater.