Raanan Katz is getting in on the Publix action. His Sunny Isles Beach-based RK Centers paid $16.4 million for a Miramar shopping center anchored by the popular supermarket.
An RK affiliate picked up Shoppes at Monarch Lakes at 14303 Miramar Parkway, records and real estate database Vizzda show. The deal breaks down to $247 a square foot for the 66,481-square-foot retail building completed in 2000.
The seller, an affiliate of New York-based Nuveen Real Estate, led by CEO Mike Sales, paid $10.5 million for the 8-acre site in 2010, records show. Other tenants at the nearly fully leased Shoppes at Monarch Lakes include Dunkin’, Subway and Banfield Pet Hospital.
The latest acquisition beefs up RK’s portfolio in Miramar, where the firm bought a two-building shopping plaza for $42.3 million in November. Completed in 2005, Fountains of Miramar is anchored by Home Depot. Other big box tenants include Marshalls, HomeGoods, Ross Dress for Less and Pet Supermarket.
In January, RK paid $15.2 million for a City Furniture showroom in Pembroke Pines. Katz, a Miami Heat NBA franchise minority owner, founded RK in 1982. The firm owns 102 retail properties spanning more than 10 million square feet across five states, RK’s website states.
For retail real estate investors, Publix-anchored shopping centers are as irresistible as an eight-piece mixed fried chicken pack from the supermarket’s deli. Even the Lakeland-based grocery chain is eating up retail sites anchored by its stores.
Since last year, Publix has paid a combined $273 million for standalone Publix supermarkets and shopping centers anchored by its stores, including a $25 million acquisition near Galleria Mall in Fort Lauderdale last month. In January, Indianapolis-based Kite Realty, led by CEO John Kite, gobbled up Village Commons Shopping Center, a West Palm Beach property anchored by a Publix store, for $68 million. Other tenants include AT&T, Jersey Mike’s, Tenet Health and The UPS store.