IMC Equity Group buys shopping center near Lake Worth for $31M

Center is fully leased with asking rents above market average

TRD MIAMI /
Dec.December 20, 2016 03:45 PM

It’s been a busy year for North Miami’s IMC Equity Group, which has added yet another South Florida retail plaza to its commercial portfolio.

County records show the investment firm just scooped up the Lantana Square Shopping Center at 6169 Jog Road for $31 million, or roughly $293 per square foot. The seller is the real estate arm of Principal Global Investors, an Iowa-based company that has business interests in everything from insurance to securities.

Data from the CoStar Group shows Lantana Square’s 105,550 square feet of rentable space is fully leased with Petco as its largest tenant. The shopping strip also boasts an asking rent of $22.44 per square foot, which is 12 percent above the market average.

The strip was built in 1986 and has since traded a handful of times, most recently when local retail investor Woolbright Development scooped it up for $21.325 million. Principal Global Investors took control of the property for an unknown amount in 2009.

It’s anchored by a Walmart Neighborhood Center located at the strip’s center, though that piece wasn’t included in the deal — Walmart bought the location for $5.78 million in 2008.

The deal was financed with a $21.95 million loan from BB&T, according to county records.

IMC, led by CEO Yoram Izhak, has spent more than $100 million on South Florida commercial properties this year, making it one of the region’s more active investment players. According to its website, the company holds a commercial portfolio encompassing over 9 million square feet.


Related Articles

arrow_forward_ios
GL Homes President Misha Ezratti (Credit: LILA PHOTO via GL Homes)

GL Homes offers $22M for development rights in Agricultural Reserve

GL Homes offers $22M for development rights in Agricultural Reserve
9885 Palomino Drive (Credit: Google Maps)

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
Richard Kayne, Founder and Co-Chairman of Kayne Anderson Capital Advisors, 5645 Military Trail Lake Worth Beach (Credit: Google Maps)

Kayne Anderson buys medical offices in Lake Worth Beach

Kayne Anderson buys medical offices in Lake Worth Beach
CapRate Commercial Real Estate Advisors’ Bill Berthiaume and Tropical Villas Apartments

Lake Worth Beach apartment complex sells for $10M

Lake Worth Beach apartment complex sells for $10M
The Mid in Lake Worth Beach

Affiliated Development snags $35M loan for Lake Worth apartments

Affiliated Development snags $35M loan for Lake Worth apartments
From left: Ben Bruner and David Emihovich of Katz & Associates with the Sam's Club at 7233 North Seacrest Boulevard (Credit: Google Maps)

Walmart sells former Sam’s Club in Lake Worth

Walmart sells former Sam’s Club in Lake Worth
FCP’s Palm Beach County portfolio and Bruce Gago

FCP pays $86M for three Palm Beach County apartment communities

FCP pays $86M for three Palm Beach County apartment communities
Gold Standard of Care’s CEO Michael Verbitsky and 6026 Old Congress Road

Gold Standard of Care sells senior housing facility in Lake Worth

Gold Standard of Care sells senior housing facility in Lake Worth
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...