RK Centers Acquires 106,000 SF Hialeah Shopping Center for $28.3M

RK Centers Acquires 106,000 SF Hialeah Shopping Center for $28.3M

Sunny Isles Beach, FL (Issued July 29, 2022) —Continuing its aggressive retail property acquisition program across South Florida, RK Centers of Sunny Isles Beach and Needham, MA, has purchased a 106,000 SF retail center located at 1460 W 49th Street in Hialeah. The purchase price was $28,300,000.

The seller is Seritage Growth Properties. The buyer’s broker is Dennis Carson of CBRE. This is the first purchase by RK Centers in the Hialeah market.
In his announcement, RK Centers’ VP of Development and Acquisitions, Andrew Zidar, said, “Hialeah has been, and continues to be, a preeminent retail market within South Florida, especially among discount retailers. This purchase provides us with the opportunity to own a well-positioned asset with a roster of national credit tenants. It follows RK’s long-term strategy to invest in quality open-air shopping centers  in densely-populated, strong retail markets,  anchored by long-term blue ribbon tenants.”
The Hialeah plaza is 100% leased. Tenants include Aldi, Ross, dd’s Discounts, and Bed Bath & Beyond.
Raanan Katz and his team at RK Centers have been extremely active since 2019, particularly in South Florida, with combined acquisition costs of $240,000,000 totaling over 760,000 square feet, including last month when RK Centers acquired Pineapple Commons, a premier regional power center with 256,000 square feet of open-air shopping in Stuart, FL  for $48,500,000. Other regional acquisitions include RK Best Buy Plaza and RK Veranda Shoppes, both in Plantation; RK Lakeside Town Shoppes in Davie; and RK Park View Square in Miramar.

Issue Date: July 29, 2022

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