RK Centers Buys Fort Lauderdale Walmart Supercenter for $28.56 Million Through RK Riverbend LLC
RK Centers has purchased a Walmart Supercenter property at 2500 West Broward Boulevard in Fort Lauderdale, Florida, for $28.56 million, the firm announced on Nov. 3, 2026. The buyer was RK Riverbend LLC, an affiliate of RK Centers. The seller was Riverbend WM LLC, which is managed by Steven M. Rhodes.
The 191,625-square-foot retail property sits on a 15.6-acre site just west of Interstate 95. The price equates to approximately $149 per square foot.
Deal Details: RK Riverbend LLC Acquires Walmart Supercenter From Riverbend WM LLC
The Walmart Supercenter was built in 2015. It previously traded for $26.06 million in 2016, meaning the new price is about 9.6% higher than the prior sale price.
The property is occupied by Walmart. It is a single-tenant retail building.
Adjacent Riverbend Marketplace Acquired in 2025
The Walmart property is directly adjacent to RK Riverbend Marketplace, a 92,007-square-foot shopping center at 2510-2670 West Broward Boulevard. RK Centers acquired that center for $36 million in December 2025, or approximately $391 per square foot. The center sits on 10.2 acres and previously sold for approximately $27.4 million in 2019.
The neighboring center features national retailers including Marshalls, Five Below, Planet Fitness, Wells Fargo and Chipotle.
Together, the two properties total approximately 283,632 square feet of retail space on at least 25.8 acres. The combined acquisition cost is approximately $64.56 million, or a blended price of about $228 per square foot, excluding closing costs and any subsequent capital investment.
Corridor Consolidation Along West Broward Boulevard
The purchase brings the Walmart Supercenter and the adjacent retail properties under common ownership along West Broward Boulevard, one of Fort Lauderdale's major commercial corridors. Common ownership can allow an owner to coordinate property management, parking, signage, tenant circulation, maintenance and future site planning across the corridor.
The Walmart building was acquired as an operating retail asset, and the transaction is not tied to an announced redevelopment program. The two properties differ in format, tenant mix, building size and lease economics, so their per-square-foot prices are not directly comparable.
Fort Lauderdale Retail Market Context
Fort Lauderdale's retail market remained tight in the third quarter of 2026. Vacancy was 4.1%, average retail cap rates were approximately 6.29%, and pricing averaged about $347 per square foot. Cushman & Wakefield likewise reported Broward County vacancy of 4.1%, with cap rates generally ranging from 5.5% to 6.5% and a median of 6.1%, below the national average of 7.4%.
Leasing momentum softened during the year. Cushman & Wakefield reported three consecutive quarters of net occupancy losses in 2026, and Matthews reported negative 58,000 square feet of net absorption in the third quarter of 2026, compared with positive absorption in the prior-year quarter. At the same time, completions declined 38%, and limited new construction reduced the broader impact on vacancy.
South Florida's broader retail market recorded 3.5% vacancy, 2.8% annual rent growth and average asking rents of $36.50 per square foot in the second quarter of 2026, according to Matthews. The region also saw approximately $173 million in quarterly sales volume.
The Walmart property's price of about $149 per square foot is below the $347 per square foot market average, though the comparison is directional because market averages include smaller, multi-tenant properties that may carry different rents, lease structures, tenant credit and building ages.
Outlook
With the Walmart Supercenter in hand, RK Centers now controls both the anchor property and the multi-tenant center next to it on West Broward Boulevard, west of Interstate 95. The acquisition follows its December 2025 purchase of Riverbend Marketplace and extends the firm's holdings along the corridor.
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