S. Florida Retail Center Owner Takes Big Hit

RK Centers paid $38.5 million for a 65,000-square-foot retail center at 1520 and 1550 N. Federal Highway in Fort Lauderdale. That’s over $10 million less than the owners, PGIM Real Estate, paid for it in 2017. The Trader Joe’s anchored center last traded for $49.2 million. The price equated to $587 per square foot.

The S. Florida Business Journal reports the shopping center was developed on the 6.2-acre site between 2015 and 2016. In addition to Trader Joe’s, tenants include Office Depot, Nordstrom Rack, Sports Clips and Xfinity. The property is 100% occupied.