Trader Joe’s-anchored retail center in Fort Lauderdale sold for loss at $38 million
A Fort Lauderdale retail center anchored by Trader Joe’s sold for $38.35 million, taking a significant loss from its last trade
GA 1600 Commons, care of PGIM Real Estate in Newark, New Jersey, sold the 65,338-square-foot retail center at 1520 and 1550 N. Federal Highway to RK 1600 Commons LLC, care of Sunny Isles Beach-based RK Centers. The buyer is a major shopping center owner led by Raanan Katz, a minority owner of the Miami Heat. Property data firm Vizzda confirmed the buyer and seller information.
The price equated to $587 per square foot.
It last sold for $49.2 million in 2017, so it traded at a loss. The price of interest rates has caused property values to decline in many cases and made it more difficult for buyers to obtain financing.
The shopping center was developed on the 6.2-acre site between 2015 and 2016. In addition to Trader Joe’s, tenants include Office Depot, Nordstrom Rack, Sports Clips and Xfinity. The property is 100% occupied, according to Andrew Zidar, VP of development and acquisitions at RK Centers.
“The purchase of 1600 Commons continues with our strategy of acquiring strong performing grocery anchored centers in urban infill markets,” Zidar said.
Source: bizjournals.com
Issue: December 11, 2023
