RK Centers Lands $34M for Miami Retail Center

RK Centers has received a $34 million refinancing loan for RK Causeway Plaza, a 129,000-square-foot shopping center in North Miami, Fla., according to Yardi Research Data. Bank of America issued the note. 

The retail property was previously subject to a $15.3 million loan originated by Sovereign Bank in 2012, the same source shows. RK Causeway Plaza has been under RK Centers’ ownership since 2003, when the company purchased it for $14.9 million. 

Completed in 1970 at 12101 Biscayne Blvd., the shopping center comprises three buildings across a 9-acre site. Anchored by T.J. Maxx and shadow-anchored by The Home Depot and Whole Foods Market, Causeway Plaza features a diverse mix of tenants including Denny’s, Steve’s Pizza, Ross Dress for Less, Walgreens Pharmacy, OfficeMax and Five Below. The property is near Interstate 95, which connects the retail center to downtown Miami, some 12 miles south. 

Miami’s retail market still shines

Miami’s retail market trends indicate an upward trajectory across several metrics, with fundamentals on the side of landlords.

The metro outperformed in terms of rent growth, with the average up 3.3 percent year-over-year as of the second quarter, while the national average improved 2.3 percent, according to a Cushman & Wakefield report. Rents averaged $43.17 per square foot, well above the national $24.99 per square foot.

The market’s vacancy rate, while up quarter-over-quarter by 10 basis points, still clocked in at a relatively tight 3.2 percent in the second quarter. By comparison, the U.S. average stood at 5.8 percent.