Trader Joe’s-Anchored Retail Center in Fort Lauderdale Sells for a Loss
By Julia Echikson December 11, 2023 10:15 pm
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A Trader Joe’s-anchored strip mall in Fort Lauderdale sold for nearly $11 million less than its previous sale.
RK Centers paid $38.4 million for 1600 Commons, a 65,338-square-foot shopping center, which also counts Nordstrom Rack and Office Depot as tenants. The property is located on 6.2 acres between 1550 and 1540 N Federal Highway, a mile north of Sunrise Boulevard.
PGIM Real Estate had purchased the property for $49.2 million in 2017, the year the mall was completed.
Besides macroeconomic pressures such as rising interest rates, the reason for the discount remains unclear. Representatives for both the buyer and seller did not immediately respond to a request for comment.
The deal marks the latest South Florida sell-off for PGIM, the asset management arm of Prudential Financial. In March, the Newark, N.J.-based firm sold about two Publix-anchored malls for a combined $32 million. The deals were followed by two multifamily sales for a combined $146 million.
Based in Sunny Isles Beach, RK Centers is led by Raanan Katz, also a minority owner of the Miami Heat The company specializes in retail, with a portfolio of 98 properties spanning over 10 million square feet, according to its website.
Julia Echikson can be reached at jechikson@commercialobserver.com.
