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.
Property Page: RK Center | Hialeah
About RK Centers: RK Centers is a privately held family-owned real estate development company that owns and manages over 10,000,000 square feet of commercial retail space, primarily ‘open air’ regional and community shopping centers in New England and South Florida. With a minimal amount of leverage, the company closes on acquisitions within 30 days with its own funds. With over 40 years of experience in real estate, RK Centers has a proven track record of success with tenants, customers, and communities with all leasing and management functions performed in-house. For company and property information, visit www.rkcenters.com