A shopping center anchored by Total Wine & More in North Miami has new ownership, with RK Centers, the firm led by Miami Heat minority stakeholder Raanan Katz, acquiring Arena Shops from EDENS. The deal adds another North Miami-Dade property to a buyer that has been on a steady acquisition run across South Florida retail this year.
The purchase price is disputed in reporting on the deal. According to The Real Deal, RK Centers paid $33 million for the property, while a separate account from the same outlet put the figure at $32.5 million. Either way, it marks a significant jump from what EDENS paid when it entered the market there.
EDENS originally bought Arena Shops in June 2012 for $25 million, according to CRE-sources, which also reported that EDENS assumed an existing commercial mortgage-backed securities loan with a balance of $15.13 million as part of that transaction. That same report noted EDENS had separately acquired Biscayne Commons, located across the street from Arena Shops, for $52 million just two months earlier, in April 2012.
A Well-Known North Miami Retail Hub
Arena Shops sits at 14750 Biscayne Boulevard in North Miami on a 2.5-acre site, per the seed reporting underlying this story. The center was built in 1993 and last renovated in 2006. Tenants there have included Total Wine & More, T-Mobile and Chipotle Mexican Grill, according to the seed facts, while the EDENS Property Capsule listing also names Tatore Italian, Venetian Nail Spa and Dr. Steven Aaron among tenants at the property…