The Real Deal Miami

Rockefeller and Kimco sell portion of Miramar Town Center

JV sold 17 apartments, parking garage, retail and office space, and a vacant lot, for $24.8M
By Amanda Rabines | November 30, 2017 04:30PM

Miramar Town Center with Daniel L. Rashin CEO of Rockefeller Group and Conor Flynn CEO of Kimco Realty (Credit: City of Miramar, Rockefeller Group, Kimco Realty)

A joint venture between the Rockefeller Group and Kimco Realty just sold a portion of its Miramar Town Center mixed-use development to IMC Equity Group for $24.8 million.

Property records show the partnership sold part of the mixed-use project at 11645 Red Road and 2401 Main Street to a company led by IMC Equity Group’s co-founder and CEO, Yoram Izhak. The Israeli-born real estate investor financed the deal with a $17.25 million CMBS loan from LoanCore Capital Markets.

The Rockfeller-Kimco partnership sold 17 apartments spanning 27,000 square feet, 127,000 square feet of retail and office space, a 585-space parking garage and a 3.7-acre vacant lot.

Miramar Town Center Site Plan (Credit: City of Miramar)

The 54-acre project also includes a 487-unit apartment complex, a performing arts center, an educational building and Miramar’s city hall and police headquarters – all of which were not included in the deal.

Tenants at the mixed use projects include a 24-Hour Fitness, Subway, UPS Store, Juana’s Sports Bar, La Famiglia Restaurant, Salonz Suites and Comcast Corporation.

Last year, IMC Equity Group paid $18 million for a West Kendall shopping center. In 2014, Izhak said he set a goal to spend $200 million in real estate investments that year.

Kimco, known for retail acquisitions, is also developing Dania Pointe, a shopping and entertainment center under construction in Dania Beach. It recently announced leases with Brandsmart USA, Hobby Lobby, and TJ Maxx. The first phase of Dania Pointe is slated to open by the end of 2018. Once completed, the center will span 1 million square feet and house more than 100 stores and restaurants.