Raanan Katz’s RK Centers added a second Broward retail property to its portfolio in less than three months, paying $15.2 million for a furniture store.
An affiliate of Sunny Isles Beach-based RK acquired a City Furniture showroom at 11249 Pines Boulevard in Pembroke Pines, records and real estate database Vizzda show.
The deal breaks down to $243 a square foot for the 62,471-square-foot single-story building completed in 1994.
Fort Lauderdale-based City Furniture, led by CEO Andrew Koenig, paid $5.9 million for the 4.3-acre site in 1999, records show. City Furniture will continue to lease the property, according to published reports.
The building is within a big box store complex that includes a Joann Fabric and Crafts, a Homegoods and a Target. RK owns the spaces housing the Joann and Homegoods stores, records show.
Katz, who owns a minority interest in the Miami Heat professional basketball team, is among the biggest retail landlords in New England and South Florida. His firm owns more than 10 million square feet of retail properties, primarily outdoor shopping centers, in Massachusetts and the tri-county region, RK’s website states.
In November, RK picked up another Broward retail site, paying $42.3 million for Fountains of Miramar. A joint venture between Lacera and Stockbridge Capital sold the 147,281-square-foot shopping center anchored by a Home Depot store. Its other big box tenants include Marshalls, HomeGoods, Ross Dress for Less and Pet Supermarket.
Also last year, Katz’s firm won approval from the Miami Urban Development Review Board to redevelop a shuttered Sears store at 3655 Southwest 22nd Street. Utilizing the state’s Live Local Act, RK is planning three eight-story buildings with 995 apartments and 55 rental townhomes on the 8.1-acre site. The project, which would also include 44,000 square feet of commercial space, would set aside 420 units at affordable rents pursuant to requirements of the Live Local Act.