IMC Equity Group pays $25M for Pompano Beach flea market site

Investor paid an additional $31M for the business

Miami /
May.May 01, 2018 04:30 PM

Aerial view of Festival Flea Market and R/S Associates of Florida’s Douglas Meyer (Credit: R/S Associates of Florida)

IMC Equity Group just picked up the 37-acre Festival Flea Market in Pompano Beach, with plans to renovate the property.

The North Miami investment firm paid $25 million for the real estate and $31 million for the flea market business, said Carlos Segrera, chief investment officer of IMC. R/S Associates of Florida, a family owned investment firm led by Daniel Shooster, sold the 382,000-square-foot flea market at 2900 West Sample Road.

R/S decided to sell the property last year and plans to invest in “more conservative” real estate markets, CFO Douglas Meyer said. Property records show R/S paid $3.8 million for the site in 1988.

The flea market features more than 300 retailers. Rents range from $15 per square foot to $60 per square foot, depending on the size of the space, Meyer said.

The buyer plans to renovate the flea market to include a European-style farmers market and will keep the existing tenants, according to Segrera. IMC is also considering bringing a Racetrack Petroleum station and Taco Bell to the property, as well as an apartment complex for the 10-acre site adjacent to the flea market.

IMC, founded in 2002 by investor Yoram Izhak, recently paid $8.75 million for an office building in Doral.

A number of developers have projects in Pompano Beach. Last month, Lionheart Capital secured approval from the Pompano Beach City Commission for a two-building luxury condo project at 1380 South Ocean Boulevard. Developers Dev Motwani and the Related Group are also planning luxury condo buildings in Pompano Beach.

The South Florida Business Journal first reported the sale.


Related Articles

arrow_forward_ios
Alex Rosemurgy and 2350 to 2390 North Federal Highway (Twitter, Google Maps)
Rosemurgy sells Pompano Beach shopping center for $10M
Rosemurgy sells Pompano Beach shopping center for $10M
Clockwise from top left: Sterling's Fred Wilpon, Merrimac's Dev Motwani Alliance's Bruce Ward and Carlyle's Kewsong Lee with 1333 South Ocean Boulevard, Pompano (Getty)
Sterling Equities pays $95M for Pompano Beach apartments
Sterling Equities pays $95M for Pompano Beach apartments
Shlomo Khoudari and Justin Bennett with 3141 Southwest 10th Street in Pompano (Google Maps)
Shifting gears: Elion Partners pays $12M for Pompano Beach auto parts distribution center
Shifting gears: Elion Partners pays $12M for Pompano Beach auto parts distribution center
Christopher Longsworth and Josh Zegen, with Envy is at 475 SE 1st St, Pompano Beach
Invesca lands $50M refi on Pompano Beach apartments
Invesca lands $50M refi on Pompano Beach apartments
Mark Corlew, Anuj Grover, and a rendering of Pompano Station
Grover Corlew’s Pompano Beach multifamily project advances
Grover Corlew’s Pompano Beach multifamily project advances
Rendering of The Ocean Six Terraces (Credit: Rex Nichols Architects)
Canadian developers launch sales of oceanfront townhouse project in Pompano Beach
Canadian developers launch sales of oceanfront townhouse project in Pompano Beach
Michael Wohl & site plans
Affordable housing developers plan Pompano Beach townhouse project
Affordable housing developers plan Pompano Beach townhouse project
Edgardo Defortuna and the site (Courtesy of Fortune)
Fortune International Group buys waterfront Pompano Beach site for $28M
Fortune International Group buys waterfront Pompano Beach site for $28M
arrow_forward_ios

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

Loading...