RK Centers Acquires Plantation Retail Plaza

For the second time in three months, RK Centers, a privately held family-owned real estate development company with a nine-million square foot portfolio of commercial retail space in South Florida and New England, has acquired a landmark property in South Florida.

Andrew Zidar, RK Centers’ VP of Development and Acquisitions, announced the acquisition of the Veranda Shoppes, a premier 45,000 square-foot open-air plaza set on 4.24 acres, located at 550 N. Pine Island Road in Plantation.

The purchase price was $17 million.

The seller was Regency Centers, represented by broker Adam Feinstein of Cushman & Wakefield.

Built in 2007, the architecturally unique Veranda Shoppes site is home to several popular and eclectic neighborhood shopping, dining and service options with ample parking. Anchored by Publix Supermarket, other tenants include Anthony’s Coal Fired Pizza, Pei Wei Asian Diner, Dunkin’, Venetian Nails Spa, and the Banfield Pet Hospital.

Zidar says of the Veranda Shoppes, “This deal checks all of our asset acquisition criteria: Great real estate in a high-income, densely-populated, strong retail market, with long-term tenants. We continue to see strong performance in the grocery and service sector and this property has a fantastic mix of both.”

There is a 1,220-square-foot retail unit available for lease at the property.

RK Centers owns and manages over two and a half million square feet in South Florida.  RK’s previous deals in the region during 2020 consisted of two Best Buy retail sites – Plantation and Doral.  These acquisitions, valued at $31 million, total 103,000 square feet.