Miami investment group buys West Kendall shops: $18M

Shopping center at 15785 Southwest 72nd Street in Miami
Shopping center at 15785 Southwest 72nd Street in Miami

IMC Equity Group, a North Miami-based investment firm, paid $18 million to acquire a West Kendall shopping center.

Kirk Olson and Drew Kristol

Kirk Olson and Drew Kristol of Marcus & Millichap

The fully leased property, a nearly 68,000-square-foot retail center at 15785 Southwest 72nd Street in Miami, is anchored by Dollar Tree, Planet Fitness and Valsan. A Walgreens and new Taco Bell on the site were not part of the deal.

It sold for close to $265 per square foot, Marcus & Millichap announced on Monday. Kirk D. Olson and Drew A. Kristol, both vice presidents of investments, represented the seller, RREF II WSS Acquisitions LLC, an affiliate of Rialto Capital Management.

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Rialto, a subsidiary of Lennar, sold the property at a $300,000 loss from its purchase in 2013. The shopping center was developed in 2009.

IMC financed the deal with a $12.6 million loan from Sabadell United Bank, according to Marcus & Millichap. IMC is led by Yoram Izhak, an Israeli-born real estate investor and once-convicted tax evader. Izhak is an Israeli-born entrepreneur who moved to Miami at a young age. He operated a successful clothing business for years before selling it and moving into real estate investing, leading to his current occupation as the co-founder and CEO of the IMC Equity Group.

The firm sold Sabina Plaza, another West Kendall shopping center, for $12.5 million in June. – Katherine Kallergis