A shopping center anchored by Total Wine & More in North Miami has new ownership, with RK Centers, the firm led by Miami Heat minority stakeholder Raanan Katz, acquiring Arena Shops from EDENS. The deal adds another North Miami-Dade property to a buyer that has been on a steady acquisition run across South Florida retail this year.
The purchase price is disputed in reporting on the deal. According to The Real Deal, RK Centers paid $33 million for the property, while a separate account from the same outlet put the figure at $32.5 million. Either way, it marks a significant jump from what EDENS paid when it entered the market there.
EDENS originally bought Arena Shops in June 2012 for $25 million, according to CRE-sources, which also reported that EDENS assumed an existing commercial mortgage-backed securities loan with a balance of $15.13 million as part of that transaction. That same report noted EDENS had separately acquired Biscayne Commons, located across the street from Arena Shops, for $52 million just two months earlier, in April 2012.
A Well-Known North Miami Retail Hub
Arena Shops sits at 14750 Biscayne Boulevard in North Miami on a 2.5-acre site, per the seed reporting underlying this story. The center was built in 1993 and last renovated in 2006. Tenants there have included Total Wine & More, T-Mobile and Chipotle Mexican Grill, according to the seed facts, while the EDENS Property Capsule listing also names Tatore Italian, Venetian Nail Spa and Dr. Steven Aaron among tenants at the property.
EDENS, which lists regional headquarters in Atlanta, Boston, Dallas, Miami, Washington, D.C., and Columbia, South Carolina, still owns three retail properties in Miami-Dade County, three in Broward County and five in Palm Beach County, per the seed reporting. Its remaining Miami-Dade holdings include Fifth & Alton in Miami Beach, Hialeah Mercado and Biscayne Commons in North Miami Beach.
RK Centers' Buying Spree Continues
RK Centers, based in Sunny Isles Beach, owns dozens of retail properties across Miami-Dade and Broward counties, predominantly in suburban neighborhoods, and this deal extends its footprint in North Miami-Dade. The firm's recent activity has been aggressive: it paid $36 million for Riverbend Marketplace in Fort Lauderdale on December 17, 2025, according to RK Centers, a 92,007-square-foot property that equated to $391 per square foot and had previously traded for $27.45 million when Northbridge bought it in 2019.
The same release detailed other RK Centers moves in 2025, including an April purchase of the Publix-anchored Shoppes at Monarch Lakes in Miramar for $16.4 million and a $15.2 million acquisition of a Pembroke Pines furniture showroom in January 2025. RK Centers also bought the Turtle Crossing retail center in Coral Springs from Crow Holdings, according to the South Florida Business Journal. Separately, RK Centers purchased a commercial property at 10760 Biscayne Boulevard in Biscayne Park for $7.84 million, a 4,635-square-foot building that sold for roughly $1,691 per square foot.
Tight Market Fuels Investor Appetite
The Arena Shops sale lands amid a historically tight retail market countywide. Miami-Dade's retail vacancy rate fell to 3.0% in the second quarter of 2026, the lowest among major South Florida markets, according to Colliers. The county also posted 378,795 square feet of positive net absorption that quarter, with average asking rents climbing to $42.50 per square foot on a triple-net basis, up 2.6% from the prior quarter.
Leasing activity totaled 329,607 square feet in the second quarter, bringing the year-to-date tally to 925,604 square feet, per the same Colliers report. More than 1.3 million square feet of new retail space was under construction countywide as of that quarter, according to the Commercial Observer, even as neighboring Broward County's vacancy ticked up to 4.3% and Palm Beach County's dipped to 4%.
The biggest South Florida retail sale of that same quarter dwarfed the Arena Shops deal: a joint venture involving Falcone Group, The Davis Companies and Jamestown paid $210 million for a Miami WorldCenter property, per the Commercial Observer's report. Against that backdrop, RK Centers' latest purchase fits a pattern of steady, mid-sized bets on established neighborhood retail in a county where available space keeps getting scarcer.
