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.