Miami Heat co-owner’s firm buys shopping center from Edens for $33M

RK Centers, led by Miami Heat minority stakeholder Raanan Katz, dropped $32.5 million for Edens’ Arena Shops in North Miami, expanding its retail presence in north Miami-Dade County.

The Sunny Isles Beach-based company acquired the 44,660-square-foot shopping center at  14750 Biscayne Boulevard in a deal that breaks down to $728 per square foot, records show and property analyst Vizzda confirmed. 

Built in 1993 on a 2.5-acre site, Arena Shops was last renovated in 2006. Edens purchased the property for $25 million in June 2012, according to property records. The plaza is anchored by Total Wine & More and also includes Chipotle Mexican Grill and T-Mobile. 

In the third quarter, Northeast Miami-Dade County had an average asking rent of $27.65 per square foot and 3.8 percent total vacancy, according to Colliers. The region has one of the highest volumes of buildings in the county with 233 and 9.3 million square feet of inventory. 

Edens’ website lists regional headquarters in Atlanta, Boston, Dallas, Miami, Washington, D.C., and Columbia, South Carolina. In South Florida, it owns five retail properties in Palm Beach County and three each in Broward and Miami-Dade counties. In Miami-Dade, the company owns Fifth & Alton in Miami Beach, Hialeah Mercado, and Biscayne Commons in North Miami Beach. 

RK Centers owns dozens of retail properties across Miami-Dade and Broward predominantly in suburban neighborhoods.

In April, the company bought most of the Turtle Crossing shopping plaza in Coral Springs for $37.5 million, and in December, it purchased the Riverbend Marketplace in Fort Lauderdale for $36 million.

In December, RK Centers listed the 8.1-acre former Sears property at 3655 Southwest 22nd Street in Miami for $100 million. The site is approved for a Live Local Act project with 1,050 residential units and 50,000 square feet of retail space.

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