By Brian Bandell – 05/13/21
RK Centers, led by Miami Heat part-owner Raanan Katz, paid $12.05 million for a Best Buy-anchored retail building in West Palm Beach.
BBY West Palm Beach, managed by Norman J. Buhrmaster of Orion Investment and Management in Miami, sold the 45,863-square-foot retail building at 1880 Palm Beach Lakes Blvd. to RK West Palm Beach 1 LLC, an affiliate of Sunny Isles Beach-based RK Centers. Will Pike and Dennis Carson of CBRE represented the seller in the deal. The price equated to $263 per square foot.
The building last traded for $3.82 million in 1998, so it increased in value. It was built on the 4.1-acre site in 1995.
“This acquisition continues with our strategy of buying well-positioned real estate with strong performing credit tenants,” said Andrew Zidar, VP of development and acquisitions for RK Centers.
While some retail tenants have struggled during the Covid-19 pandemic, Best Buy has performed relatively well, and RK Centers has taken notice. RK Centers purchased Best Buy-anchored properties in both Plantation and Sweetwater in 2020.