Connect CRE reports that RK Centers has acquired the Fountains of Miramar, a 147,281-square-foot retail plaza located at 3001 to 3161 S.W. 160th Ave in Miramar. The property was sold by Stockbridge Capital Group for $42.3 million, or approximately $287 per square foot.
The shopping center is home to popular retailers such as Marshalls, Home Goods, Ross and Pet Supermarket and is situated next to a Home Depot with convenient access from Interstate 75.
According to the South Florida Business Journal, this marks the second time the property has changed hands in recent years; it was previously sold for $40 million in 2018. The Fountains of Miramar were originally built on a spacious15.3-acre site back in2005.
A report from Colliers revealed that Broward County’s retail vacancy rate increased slightly from last year’s fourth quarter (from3.%to3.%), while average asking rent rose from$27.03to$28 .05per square foot.
RK Centers boasts an extensive portfolio of retail properties throughout Miami-Dade and Broward counties,making them one ofthe largest ownersin these areas.
