Local investor acquires distressed Hialeah portfolio

One of the buildings acquired by I.M.C. Properties
One of the buildings acquired by I.M.C. Properties

Commercial real estate investor I.M.C. Properties acquired a Hialeah industrial portfolio in separate transactions totaling $26.5 million.

The North Miami-based firm picked up the portfolio through short sales and lender-owned sales, South Florida Business Journal reported. The largest purchases were made through I.M.C. affiliate Hialeah Industrial Portfolio, which spent $22.5 million for nine properties totaling nearly 438,000 square feet. Hialeah Industrial had to get TD Bank to sign off on the short sale of the properties, which were secured by a $33 million mortgage.

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The buildings are 98 percent occupied and generate $2.2 million in net operating income.

Led by Yoram Izhak, I.M.C. specializes in acquiring and turning around distressed South Florida properties. [South Florida Business Journal]Eric Kalis