Raanan Katz, through his firm RK Centers, has purchased the Riverbend Marketplace shopping center in Fort Lauderdale for $36 million. The transaction adds to RK Centers’ expanding retail portfolio in Broward County.
The acquired property is located at 2510 to 2670 West Broward Boulevard and spans 92,007 square feet. RK Centers paid approximately $391 per square foot, which is about $8.6 million more than the previous sale price six years ago. The seller was an affiliate of Northbridge Capital from Toronto, led by Stuart, Michael, and Adam Lazier. Northbridge had acquired the site for $27.4 million in 2019.
Riverbend Marketplace sits next to a Walmart Supercenter developed by Gatlin Development Co., with both properties completed between 2017 and 2019. Current tenants at Riverbend include Marshalls, Planet Fitness, Five Below, Wells Fargo, and Chipotle.
This purchase marks the second shopping center acquisition this year in Broward County by RK Centers. In April, the company bought Shoppes at Monarch Lakes in Miramar for $16.4 million; that property is anchored by a Publix supermarket with additional tenants such as Dunkin’, Subway, and Banfield Pet Hospital. Earlier in January, RK also acquired a furniture showroom in Pembroke Pines for $15.2 million.
Broward County has seen several notable retail property transactions recently. Last month in Coral Springs alone saw four shopping centers change hands: Maven Real Estate acquired Atlantic Crossings for $40.5 million; JPMorgan purchased Shoppes at Heron Lakes for $53.7 million; two other centers sold for $26.5 million and $60.5 million respectively. In October, JBL Asset Management bought Palm Square shopping center in Hollywood for $25 million.
Retail leasing conditions remain stable across Broward County. According to Colliers data from the third quarter of this year, retail landlords reported a vacancy rate of 3.9 percent—similar to last year’s figure of 3.7 percent—and average asking rents increased to $28.76 per square foot from last year’s $27.86 per square foot.
