RK Centers Acquires Pineapple Commons in Stuart, FL for $48.5M
RK’s single largest purchase in Florida at $48,500,000, adding 256,000 Square Feet to RK’s South Florida Portfolio.
Sunny Isles Beach, FL (Issued July 7, 2022) – RK Centers, a privately held family-owned real estate development company with a growing 10,000,000 square foot portfolio of commercial retail space in South Florida and New England, has acquired the Pineapple Commons power center in Stuart, Florida.
Andrew Zidar, RK Centers’ VP of Development and Acquisitions, announced the acquisition of the premier regional power center with 256,000 square feet of open-air shopping located on US-1 at 2505 NW Federal Highway in Stuart, Florida. The purchase price was $48,500,000. The seller was Kimco Realty, represented by broker Dennis Carson of CBRE.
Built-in 2005, RK Pineapple Commons has Class A curb appeal and is a primary regional retail destination which is anchored by City Furniture, Ashley Furniture, Best Buy, Ross, ULTA, PetSmart, Marshalls, Shoe Carnival, Starbucks, Chipotle, and 15 other restaurant, service and specialty retail shops.
Zidar says of the RK Pineapple Commons, “Adding a property of this caliber to our portfolio was an obvious move for us. It provided us the opportunity to acquire the dominant power center in what has become one of the fastest-growing areas in Florida.”
RK Centers owns and manages roughly 3,000,000 square feet of primarily retail space in South Florida. Company President Raanan Katz and his team at RK Centers have been extremely active since 2019, particularly in South Florida, with combined acquisition costs of $210,000,000 for over 750,000 square feet.
Source: rebusinessonline.com
Issue Date: July 11, 2022
