RK Centers Acquires Miami Retail Property from Seritage Growth Properties for $38 Million

RK Centers, a real estate investment firm led by Ranaan Katz, has acquired a retail property in Miami from Seritage Growth Properties for 38 million. The property, located at 10790 Biscayne Boulevard and 1290 Northeast 108th Street, spans 128,000 square feet and is situated on 11 acres of land. The sale price equates to a price per square foot of 297.

The property was sold by Seritage Growth Properties, a real estate investment trust led by Andrea Olshan. The company specializes in the ownership, development, and redevelopment of retail and mixed-use properties across the United States. The sale of the Miami property is part of Seritage’s ongoing efforts to optimize its portfolio and focus on its core assets.

RK Centers plans to redevelop the property, which is currently home to several retail tenants. The firm has a track record of acquiring and redeveloping retail properties across the United States, with a focus on creating vibrant, community-oriented spaces that attract both local and national tenants.

The sale was brokered by unnamed brokers representing RK Centers and Andrea Olshan. The transaction is the latest in a series of high-profile real estate deals in Miami, which has emerged as a hotbed of investment activity in recent years. The city’s strong population growth, favorable tax environment, and thriving tourism industry have made it an attractive destination for real estate investors from around the world.

Overall, the sale of the Miami retail property represents a significant transaction for both RK Centers and Seritage Growth Properties. For RK Centers, the acquisition provides an opportunity to expand its portfolio of retail properties and create a new destination in one of Miami’s most vibrant neighborhoods. For Seritage, the sale allows the company to focus on its core assets and optimize its portfolio for long-term growth.