Sunny Isles Beach-based RK Center has purchased the Coral Palm Plaza retail center for $28.15 million from Investcorp. Built on a 14.1 acre site in 1986, the 147,414 square-foot shopping center is located on University Drive in Coral Springs. It sold for $191 per sf and was 96.7 percent leased at the time of closing. Tenants in the retail scheme include Michaels, Doris Italian Market, Dollar Tree, Panera Bread, and el Mariachi Mexican Restaurant. HFF represented the seller in the transaction. RK Centers is a privately held, family-owned real estate development company which currently owns more than 7 million square feet of commercial space.
“This property is well positioned for the future and will continue to outperform the market under the new ownership.” said HFF managing director Luis Castillo said.
