Coral Springs shopping centers keep selling, with most topping $20M. What to know

Coral Springs has seen a string of shopping center sales in recent months, the latest being the $37.5 million purchase of Turtle Crossing on State Road 7.

The deal adds to a growing pattern of commercial real estate activity in the city.

FULL STORY: Miami Heat minority owner’s firm buys Coral Springs shopping center for $37.5M

Here are key takeaways:

• The trend: Turtle Crossing is the latest in a string of shopping center sales in Coral Springs, according to Broward County property records, ranging from $7.4 million to $60.5 million. Of the seven sales since November, six have been $20 million or more.
• The latest deal: South Florida-based RK Centers bought Turtle Crossing from Dallas-based Crow Holdings for $37.5 million. The sale was finalized April 16.
• Rising values: The $37.5 million price tag is $5 million more than the center’s last sale in 2021.
• The buyer: RK Centers was founded by Raanan Katz, a longtime shopping center developer and original partner of the NBA’s Miami Heat who remains a limited owner of the team.
• Growing footprint: The acquisition adds over 70,000 square feet of retail space to RK Centers’ portfolio on the west side of the city. The firm also owns Coral Palm Plaza in Coral Springs.
• Other recent sales: Turtle Run Shoppes in February; Wings Plus-anchored property on W. Sample Road and Atlantic Crossings in December; the Shoppes at Heron Lakes, a set of properties next to Coral Square Mall, and Royal Eagle Plaza in November.

This report was produced with the assistance of a proprietary tool powered by artificial intelligence and using our own originally reported, written and published content. It was reviewed and edited by our journalists.