Slam Dunk: Heat Co-owner’s Company Scores in Coral Springs

Coral Palm Plaza

An entity controlled by RK Centers, a privately held, family-owned real estate development company, has recently acquired Coral Palm Plaza. RK Centers focuses on acquiring, developing and operating regional and community open-air shopping centers in New England and South Florida, and currently owns more than 7 million square feet of commercial space.

The company is headed by Raanan Katz, co-owner of the Miami Heat NBA team. The seller’s identity was not disclosed, however, Property Shark data shows that a joint venture between Gumberg Asset Management Corp. and IVC Coral Palm LLC (an entity controlled by New York-based Investcorp) purchased the property in November 2011 for just less than $19.9 million. The new owner acquired the asset for $28 million, according to the South Florida Business Journal.

Coral Palm Plaza is a 135,723-square-foot, grocery-anchored retail center situated on a 14.1-acre parcel at 2001-2153 University Dr. in Coral Springs. Located in the northwestern part of Broward County, three miles east and south of the Sawgrass Expressway and five miles west of the Florida Turnpike, the center serves more than 350,000 residents within a five-mile radius.

The facility is currently home to specialty grocer Doris Italian Market as well as anchors Michael’s, Buy Buy Baby, Dollar Tree and Planet Fitness. The tenant roster also includes Panera Bread, Vision World, Great Clips, Coral Springs Physicians and El Mariachi Restaurant. An HFF investment sales team marketed the asset on behalf of the seller. The team was led by Managing Director Luis Castillo, Senior Managing Director Daniel Finkle and Associate Director Nat Scarmazzi. The buyer purchased the asset free and clear of existing debt. The shopping center was 96.7 percent leased at the time of the acquisition.

Photo credit: Gumberg Asset Management Corp.