The Real Deal Miami

LA Fitness-anchored Tamiami shops sell for $16M

Last sold for $15.1M in June 2005

June 22, 2015 05:15PM
By Katherine Kallergis

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Tamiami East shopping center

Tamiami East shopping center

North Miami-based IMC Properties paid $15.9 million for Tamiami East, a shopping center at 14180 Tamiami Trail in Miami.

The 54,864-square-foot retail center is anchored by a 45,000-square-foot LA Fitness. Affiliates of Gemini Real Estate Advisors, a real estate investment company based in Huntersville, North Carolina and New York City, sold the 5.2-acre retail site, which was developed in 2004.

Kirk D. Olson, Drew A. Kristol, James “Chris” Rea, and Brian Munnand of Marcus & Millichap brokered the deal. SunTrust Bank granted the buyer a $11.5 million loan for the property.

“We completed the transaction with only 10 days due diligence and went hard with a substantial deposit,” IMC president Yoram Izhak said in a press release. “The acquisition is a natural progression for us as we own the property next door. The purchase also satisfies the requirements of our 1031 exchange.”

Other tenants include CPR Cellphone Repair, GameStop and Pollo Tropical. It last sold for $15.1 million in June 2005, according to property records.

“Tamiami East is a fully occupied shopping center with a strong anchor tenant and a good mix of small shop tenants with excellent exposure to heavily traveled SW 8th Street in western Miami-Dade County,” Olson said in the press release.