Another day, another shopping center sold in South Florida.
An affiliate of Raanan Katz’ RK Centers paid $14 million for the Publix-anchored Hallandale Place Shopping Center at 1400-1484 East Hallandale Beach Boulevard in the Broward County city, records filed Wednesday show.
The seller, Elias M. Loew Florida Realty Trust, had owned the property since 1986, according to records. The approximately 104,000-square-foot retail building was completed in 1979.
Steven Jeffrey Burns and Lilia Caballero with Compass brokered the deal, which closed at its asking price, according to an online listing.
For RK, a Sunny Isles Beach-based retail real estate firm led by Katz, a minority owner of the Miami Heat, it was the second deal involving a grocery-anchored shopping center in three weeks.
In late July, it paid $28.3 million for Westland Gateway Plaza in Hialeah, a former Kmart that’s now a 117,000-square-foot shopping center anchored by Aldi and Bed Bath & Beyond, among other tenants.
The deal was a windfall for Sears spin-off Seritage Growth Properties, which sold the shopping center for $21 million in 2020 after the Kmart closed, reacquired it last month for $22.1 million and flipped it to RK the same day for a $6.2 million profit.
Elsewhere in Broward County last month, RK sold 1.7 acres of parking lots in Fort Lauderdale’s Flagler Village to Aimco for $20 million.
RK’s Katz played for the Israeli national basketball team before transitioning from the hardwood to real estate in Boston, where he amassed over 2,000 apartment units before moving into the retail and office sectors in 1980, according to the firm’s website. He became a minority partner in the Miami Heat in 1986.
Today, RK owns approximately 10 million square feet of commercial space in Florida, Connecticut, Massachusetts and New Hampshire. Last year, the company bought a Winn-Dixie-anchored shopping center in Miramar for $15.7 million and a Publix-anchored retail plaza in Plantation for $17 million.