RK Centers recently acquired a 65,000-square-foot retail center located at 1520 and 1550 N. Federal Highway in Fort Lauderdale for $38.5 million. This purchase price is significantly lower than the previous sale price of $49.2 million in 2017 by PGIM Real Estate, representing a decrease of over $10 million.
According to reports from the S. Florida Business Journal, the shopping center was built on a spacious 6.2-acre site between the years of 2015 and 2016 and boasts popular tenants such as Trader Joe’s, Office Depot, Nordstrom Rack, Sports Clips and Xfinity with full occupancy.
The recent acquisition marks a significant loss for the property owner as they take on this substantial financial hit without any mention or involvement from Connect CRE or Connect LA.
