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