{"id":1004132951,"date":"2015-12-03T12:29:34","date_gmt":"2015-12-03T20:29:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004132951"},"modified":"2022-03-03T06:42:41","modified_gmt":"2022-03-03T14:42:41","slug":"slam-dunk-heat-co-owners-company-scores-in-coral-springs","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/slam-dunk-heat-co-owners-company-scores-in-coral-springs\/","title":{"rendered":"Slam Dunk: Heat Co-owner\u2019s Company Scores in Coral Springs"},"content":{"rendered":"<div id=\"attachment_1004132956\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/Coral-Palm-Plaza.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004132956\" data-attachment-id=\"1004132956\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/slam-dunk-heat-co-owners-company-scores-in-coral-springs\/coral-palm-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/Coral-Palm-Plaza.jpg\" data-orig-size=\"800,619\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Coral Palm Plaza\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Coral Palm Plaza&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/Coral-Palm-Plaza.jpg?w=800\" class=\"wp-image-1004132956 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/Coral-Palm-Plaza.jpg\" alt=\"Coral Palm Plaza\" width=\"300\" height=\"232\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/Coral-Palm-Plaza.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/Coral-Palm-Plaza.jpg?resize=300,232 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/Coral-Palm-Plaza.jpg?resize=768,594 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004132956\" class=\"wp-caption-text\">Coral Palm Plaza<\/p><\/div>\n<p>An entity controlled by <a href=\"https:\/\/www.rkcenters.com\/\" target=\"_blank\" rel=\"nofollow noopener\">RK Centers<\/a>, a privately held, family-owned real estate development company, has recently acquired <a href=\"https:\/\/www.gumberg.com\/properties\/coral-palm-plaza\/\" target=\"_blank\" rel=\"nofollow noopener\">Coral Palm Plaza<\/a>. 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.<\/p>\n<p>The company is headed by Raanan Katz, co-owner of the Miami Heat NBA team. The seller\u2019s identity was not disclosed, however, <a href=\"https:\/\/www.propertyshark.com\/mason\/Property-Report\/?propkey=24739247\" target=\"_blank\" rel=\"nofollow noopener\">Property Shark<\/a> data shows that a joint venture between <a href=\"https:\/\/www.gumberg.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Gumberg Asset Management Corp.<\/a> and IVC Coral Palm LLC (an entity controlled by New York-based <a href=\"https:\/\/www.investcorp.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Investcorp<\/a>) 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 <a href=\"https:\/\/www.bizjournals.com\/southflorida\" target=\"_blank\" rel=\"nofollow noopener\">South Florida Business Journal<\/a>.<\/p>\n<p>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.<\/p>\n<p>The facility is currently home to specialty grocer Doris Italian Market as well as anchors Michael\u2019s, 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.<\/p>\n<p><em>Photo credit:<\/em> <em>Gumberg Asset Management Corp.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An affiliate of RK Centers, Raanan Katz&#8217;s company, acquired Coral Palm Plaza in a recent transaction mediated by HFF.<\/p>\n","protected":false},"author":35,"featured_media":1004132956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1492,21742,21749],"tags":[],"class_list":["post-1004132951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-miami","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Slam Dunk: Heat Co-owner\u2019s Company Scores in Coral Springs - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/slam-dunk-heat-co-owners-company-scores-in-coral-springs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Slam Dunk: Heat Co-owner\u2019s Company Scores in Coral Springs\" \/>\n<meta property=\"og:description\" content=\"An affiliate of RK Centers, Raanan Katz&#039;s company, acquired Coral Palm Plaza in a recent transaction mediated by HFF.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/slam-dunk-heat-co-owners-company-scores-in-coral-springs\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-12-03T20:29:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-03T14:42:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/Coral-Palm-Plaza.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"619\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Balazs Szekely\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/slam-dunk-heat-co-owners-company-scores-in-coral-springs\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/slam-dunk-heat-co-owners-company-scores-in-coral-springs\\\/\"},\"author\":{\"name\":\"Balazs Szekely\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/623e95293ca6c6791bedc7473f548d7f\"},\"headline\":\"Slam Dunk: Heat Co-owner\u2019s Company Scores in Coral Springs\",\"datePublished\":\"2015-12-03T20:29:34+00:00\",\"dateModified\":\"2022-03-03T14:42:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/slam-dunk-heat-co-owners-company-scores-in-coral-springs\\\/\"},\"wordCount\":303,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/slam-dunk-heat-co-owners-company-scores-in-coral-springs\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/12\\\/Coral-Palm-Plaza.jpg\",\"articleSection\":[\"Deals\",\"Miami\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/slam-dunk-heat-co-owners-company-scores-in-coral-springs\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/slam-dunk-heat-co-owners-company-scores-in-coral-springs\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/slam-dunk-heat-co-owners-company-scores-in-coral-springs\\\/\",\"name\":\"Slam Dunk: Heat Co-owner\u2019s Company Scores in Coral Springs - 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