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RK Centers Acquires Fort Lauderdale Trader Joe's Anchored Retail Center For $38.35M

Property Image
SOLD
$38,350,000
Raanan Katz
Andrew Zidar
Cathy Marcus

Florida

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Retail130,676 SF
Sold 12/11/2023
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Property Image
SOLD

RK Centers Acquires Fort Lauderdale Trader Joe's Anchored Retail Center For $38.35M

1520 North Federal Highway & 1550 North Federal Highway

See Similar Deals
Retail130,676 SF
Sold 12/11/2023
Raanan Katz
Andrew Zidar
Cathy Marcus
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$293
Total Square Footage:130,676 SF
Transaction Type:Sale

Fort Lauderdale's Trader Joe's-anchored retail center at 1550 N. Federal Highway was sold for $38.35 million. The property spans 6.2 acres and consists of a retail space measuring 65,338 square feet. The sale price equates to $587 per square foot, reflecting a decline from its previous sale in 2017 at $49.2 million. The property is located at 1520-1550 North Federal Highway in Fort Lauderdale.

Summary of Transaction Details

  • Property Type: Retail
  • Transaction Amount: $38,350,000
  • Address: 1520-1550 North Federal Highway, Fort Lauderdale
  • Market: Fort Lauderdale
  • Acres: 6.2

The buyer of the property is RK Centers, led by Raanan Katz and Andrew Zidar. The seller is PGIM Real Estate, represented by Cathy Marcus. The transaction reflects challenges faced in the real estate market, with declining values and increased financing difficulties due to rising interest rates. This acquisition by RK 1600 Commons LLC, which is owned by Raanan Katz, highlights the impact of these market conditions on property prices.

Players

RK Centers
RK Centers
BROKERAGE
Raanan Katz
RK Centers
Raanan Katz
18 deals$641.7M volume
BUYER
Andrew Zidar
RK Centers
Andrew Zidar
6 deals$150.6M volume
BUYER
Cathy Marcus
PGIM
Cathy Marcus
31 deals$2.6B volume
SELLER

Details

SOLD
IMAGE: Cathy Marcus, Raanan Katz & Andrew Zidar DATE: 12/11/2023 ADDRESS: 1520-1550 North Federal Highway MARKET: Fort Lauderdale ASSET TYPE: Retail ~ ACRES: 6.2 BUYER: RK Centers (@RKCenters) - Raanan Katz & Andrew Zidar SELLER: PGIM Real Estate (@PGIM) - Cathy Marcus SALE PRICE: $38,350,000 SF: 65,338 ~ PPSF: $587 NOTE: Fort Lauderdale's Trader Joe's-anchored retail center at 1550 N. Federal Highway was sold for $38.35 million, incurring a loss from its 2017 sale at $49.2 million. The property was acquired by RK 1600 Commons LLC, led by Miami Heat minority owner Raanan Katz, reflecting challenges in the real estate market driven by declining values and increased financing difficulties due to rising interest rates.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,045,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$136,249.46
Cash-on-Cash Return-1.27%
Monthly Debt Service$181,798.57
Annual Debt Service$2,181,582.78