Raanan Katz’s RK Centers has acquired Riverbend Marketplace, a shopping center in Fort Lauderdale, for $36 million. The property, located at 2510 to 2670 West Broward Boulevard, spans 92,007 square feet and was purchased at $391 per square foot. This price is about $8.6 million higher than its previous sale six years ago.
The seller was an affiliate of Northbridge Capital from Toronto, led by Stuart, Michael, and Adam Lazier. Northbridge had bought the 10.2-acre site in 2019 for $27.4 million. Riverbend Marketplace sits next to a Walmart Supercenter built by Gatlin Development Co., with both properties completed between 2017 and 2019.
Current tenants at Riverbend Marketplace include Marshalls, Planet Fitness, Five Below, Wells Fargo, and Chipotle.
This marks the second Broward County retail property that RK Centers has bought this year. In April, the company paid $16.4 million for Shoppes at Monarch Lakes in Miramar—a shopping center anchored by Publix and featuring tenants such as Dunkin’, Subway, and Banfield Pet Hospital. Earlier in January, RK Centers also acquired a furniture showroom in Pembroke Pines for $15.2 million.
Recent months have seen several shopping center transactions in Broward County. Maven Real Estate purchased Atlantic Crossings in Coral Springs for $40.5 million; JPMorgan acquired Shoppes at Heron Lakes for $53.7 million; two other centers were sold for $26.5 million and $60.5 million respectively; and JBL Asset Management paid $25 million for Palm Square in Hollywood.
Retail leasing activity remains steady across Broward County according to Colliers data: the vacancy rate was 3.9 percent in the third quarter—similar to last year’s figure of 3.7 percent—and average asking rents rose to $28.76 per square foot from last year’s average of $27.86 per square foot.
Katz’s family-run firm is known for investing in South Florida shopping centers that frequently change hands at competitive prices. Raanan Katz is also recognized as a former professional basketball player and minority owner of the Miami Heat.
