R
anaan Katz's RK Centers has made another significant investment in South Florida retail properties. An affiliate of the company paid $42.3 million to acquire Fountains of Miramar, a two-building complex with 147,281 square feet of space at 2905-3161 Southwest 160th Avenue. The deal translates to $287 per square foot and includes big-box tenants like Home Depot, Marshalls, and Ross Dress for Less.

    The seller, a joint venture between Lacera and Stockbridge Capital, had purchased the property in 2018 for $40 million. RK Centers has been actively expanding its portfolio in South Florida, joining nine other institutional buyers who collectively spent $1.7 billion on shopping centers in the region over the past year. During this period, RK Centers invested $84 million in local retail properties.

    RK Centers was founded by Katz in the 1970s and has since grown to manage a commercial portfolio of over 10 million square feet across several states. The company is also involved in a major redevelopment project in Miami's Coral Gate neighborhood, where it plans to transform a shuttered Sears store into a mixed-use complex with apartments, office space, and retail areas.

    In another recent deal, RK Centers acquired the 1600 Commons shopping center in Fort Lauderdale for $38 million. The property is anchored by Trader Joe's and Nordstrom Rack stores.