RK Centers, a privately held family-owned commercial real estate development company based in Sunny Isles Beach, FL, and Needham, MA, has added to its portfolio with the acquisition of the upscale Lakeside Town Shops at 5800 South University Drive in Davie.
Making the announcement was RK’s Andrew Zidar, VP of Development and Acquisitions, who said the purchase price for the 79,746 square-foot property was $28.65 million, or $361 per square foot. The three Lakeside buildings cover 10.3 acres and house 25 tenants.
The seller was Lakeside Town Shops (E&A) LLC, managed by Edens of Columbia, South Carolina, a national retail real estate owner/developer. The buying entity, RK Davie LLC, is managed by Raanan Katz, who is also a Miami Heat part owner. Representing the seller and buyer was Dennis Carson of CBRE.
Lakeside is 98% leased. One vacancy consists of 1,688 square feet. Lakeside is home to Dollar Tree, Ross, Target SuperCenter, and Chic-Fil-A, among others. Nearby regional shopping magnets include Walmart, Home Depot, Marshalls, Best Buy, Old Navy, TJ Maxx, Michaels, and many more well-known retailers.
Zidar noted the excellent demographics within a 3-mile radius with median income over $83,000, and traffic volume of 85,000 vehicles per day. There is easy access from University Drive and Stirling Road. The center also serves residents of Cooper City, Hollywood and Pembroke Pines.
He added, “This acquisition is in keeping with RK’s long-term strategy to invest in quality open-air shopping centers in high-income, densely-populated, strong retail markets, leased by long-term blue ribbon tenants. The area’s retail sector has performed admirably in recent years due to solid population growth and steady consumer spending.”
RK Centers owns and manages over 9,284,000 square feet of commercial space including nearly 3,000,000 square feet in South Florida. This is RK’s sixth deal in South Florida in the past 24 months. These acquisitions total over $105,000,000 comprising a total of 344,000 square feet. In the same 24 month period, RK Centers has invested an additional $52,000,000 in Massachusetts to acquire an additional 252,000 square feet.
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