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South Florida

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

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