Raanan Katz buys Hallandale Beach Mall
Another day, another mall sold out in South Florida.
An affiliate of Raanan Katz RK Centers paid $14 million for the Hallandale Place mall anchored to Publix at 1400-1484 East Hallandale Beach Boulevard in the county town of Broward, according to filings Wednesday.
The seller, Elias M. Loew Florida Realty Trust, had owned the property since 1986, records show. The approximately 104,000 square foot commercial building was completed in 1979.
Steven Jeffrey Burns and Lilia Caballero with Compass negotiated the deal, which was completed at its asking price, according to an online listing.
For RK, a Sunny Isles Beach-based retail real estate company run by minority Miami Heat owner Katz, it was the second deal involving a mall anchored by a grocery store in three weeks.
In late July, it paid $28.3 million for Westland Gateway Plaza in Hialeah, a former Kmart that’s now a 117,000-square-foot mall anchored by Aldi and Bed Bath & Beyond, among other tenants.
The deal was a boon for Sears spin-off Seritage Growth Properties, which sold the mall for $21 million in 2020 after Kmart closed, bought it last month for $22.1 million. dollars and returned it to RK the same day for a profit of $6.2 million.
Elsewhere in Broward County last month, RK sold 1.7 acres of parking lots in Fort Lauderdale’s Flagler Village to Aimco for $20 million.
RK’s Katz played for the Israeli national basketball team before moving from hardwood to real estate in Boston, where he amassed more than 2,000 apartments before moving into the retail and offices in 1980, according to the company’s website. He became a minority partner of the Miami Heat in 1986.
Today, RK owns approximately 10 million square feet of retail space in Florida, Connecticut, Massachusetts and New Hampshire. Last year, the company purchased a Winn-Dixie-anchored mall in Miramar for $15.7 million and a Publix-anchored mall in Plantation for $17 million.