From left: RK Facilities Principal Ranan Katz and Seritage CEO Andrea Olshan, in entrance of the purchasing heart at 1460 West forty ninth Road in Hialeh (Google Maps, Seritage Progress Properties, RK Facilities)

Seritage Progress Properties made a revenue of $6 million in a single day by flipping a Hialeah purchasing plaza into RK facilities.

A Seritage affiliate bought Westland Gateway Plaza at 1460 West forty ninth Road for $22.1 million from Daytona Seashore-based CTO Realty Progress on July 25, data present. On the identical day, Seritage bought the 117,021 sq. foot retail heart for $28.3 million to RK Facilities, a Sunny Isles Seashore-based retail actual property funding agency led by Miami Warmth minority proprietor Ranan Katz. The works just lately grew to become publicly accessible.

The deal marks a small brilliant spot for Seritage, a New York-based publicly traded firm that could be a spinoff of Sears. Final month, the embattled agency really helpful a plan to liquidate all of its actual property holdings and return the proceeds to shareholders, as Seritage seeks a strategic choice to repay $640 million in debt to billionaire Warren Buffett. The plan requires a two-thirds vote from shareholders.

Seritage’s board can also be contemplating a attainable sale of the corporate, which was transformed from an actual property funding belief to a C company in March.

Westland Gateway Plaza is on the positioning of a former Kmart retailer that Sears acquired in 2000 for $5.7 million, data present. When Seritage was fashioned in 2015, in line with revealed experiences, the Hialeah property was certainly one of 235 former Sears and Kmart division retailer websites that the corporate acquired. The Hialeah constructing was accomplished in 1968, data present.

Following the closure of Kmart in 2020, Seritage renovated the Hialeah property for a number of tenants, together with Aldi, Ross Costume for Lace, Mattress Bathtub & Past, and dd’s Low cost. That very same 12 months, Seritage bought the purchasing heart to CTO Realty Progress for $21 million, however nonetheless managed the property by way of a 25-year land lease, data present.

Seritage has 161 properties throughout the nation with 19 million sq. ft of retail area, together with Esplanade in Aventura, a retail and workplace venture presently beneath building on a former Sears web site at Aventura Mall. The corporate additionally has a shopping mall between Miami Shores and North Miami, operated by Ross Costume for Lace, Aldi and Burlington, which is a part of a 38-property nationwide portfolio that Seritage has listed on the market. .

Whereas Seritage is in sale mode, RK Kendra is in search of extra retail properties to thicken its portfolio. In December, the corporate bought three Dewey Retail Facilities for a mixed $28.7 million. Additionally final 12 months, RK Facilities acquired the Winn-Dixie-anchored purchasing plaza in Miramar for $15.7 million; Greatest Purchase retailer in West Palm Seashore for $12 million; and a public-anchored Plantation purchasing heart for $17 million.



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