Miami Heat part-owner's firm buys Miramar retail center for $16M
An affiliate of RK Centers, led by Miami Heat part-owner Raanan Katz, paid $15.68 million for the Winn-Dixie-anchored Park View Square shopping center in Miramar.
Park View Station LLC, an affiliate of Cincinnati-based Phillips Edison & Co. (Nasdaq: PECO), sold the 72,256-square-foot retail center at 17051 Miramar Parkway to RK Miramar LLC, managed by Katz in Sunny Isles Beach. The price equated to $217 per square foot.
The deal was brokered by CBRE’s Dennis Carson.
It last traded for $14.5 million in 2014, so it sold for a modest gain.
Park View Square was developed on the 9.3-acre site in 2003. It’s located near Miramar Regional Park and Memorial Hospital Miramar.
“This acquisition continues with our strategy to add quality grocery anchored shopping centers in strong-performing markets throughout South Florida,” said Andrew Zidar, VP of development and acquisitions at RK Centers. “Miramar is an area that has seen significant growth over the last few years and will continue to do so moving forward.”
In addition to Winn-Dixie, recent tenants include Sally Beauty, Quest Diagnostics, Subway, CrossFit Serge, Primo’s Pizza & Pasta, and Pinch-A-Penny Pool Patio Spa.
RK Centers is one of the largest owners of retail properties in northeast Miami-Dade County. During the Covid-19 pandemic, it has continued making strategic acquisitions. It has bought three South Florida properties anchored by Best Buy since 2020.
Issue Date: September 15, 2021
Source: bizjournals.com
