An investors’ buying spree for South Florida shopping centers wouldn’t be complete without retail king Ranaan Katz getting in on the action.
An affiliate of Katz’s Sunny Isles Beach-based RK Centers paid $42.3 million for Fountains of Miramar, a two-building complex at 2905-3161 Southwest 160th Avenue, records and real estate database Vizzda show.
The deal breaks down to $287 a square foot for the 147,281-square-foot shopping center completed in 2005. Fountains of Miramar is anchored by Home Depot and other big box tenants include Marshalls, HomeGoods, Ross Dress for Less and Pet Supermarket.
The seller, a joint venture between Lacera and Stockbridge Capital, paid $40 million for the 15-acre site in 2018, records show.
Katz’s firm joined nine other institutional buyers that collectively paid $1.7 billion for South Florida shopping centers in the 12-month period ended Sept. 30, a recent Colliers report states. During that timespan, RK Centers paid $84 million for shopping centers in the tri-county region.
Katz, a minority owner of the Miami Heat, founded RK Centers in the 1970s, the firm’s website states. Since then, RK has built a commercial portfolio of primarily retail sites spanning more than 10 million square feet across Florida, Connecticut, Massachusetts, New Hampshire and Rhode Island.
In July, the city of Miami approved RK Centers’ plan to redevelop a shuttered Sears store in the Coral Gate neighborhood into a massive mixed-use project under Florida’s Live Local Act.
Katz’s proposal shows three eight-story buildings with 996 apartments, 55 rental townhomes, 44,000 square feet of office and retail space and a garage with 1,924 spaces. Katz would set aside 420 apartments at affordable rents pursuant to Live Local Act requirements.
In December of last year, RK Centers dropped $38 million for 1600 Commons, a Fort Lauderdale shopping center anchored by Trader Joe’s and Nordstrom Rack stores.