IMC Equity Group buys flea market property near Liberty City

IMC owns the 33-acre site next door

TRD MIAMI /
May.May 17, 2019 04:30 PM
IMC Equity Group Yoram Izhak and Flea Market USA

IMC Equity Group Yoram Izhak and Flea Market USA

IMC Equity Group bought the Flea Market USA property in the West Little River neighborhood of Miami for $13.5 million, where it plans to build a mixed-use project.

Carlos De J. Segrera, chief investment officer of IMC Equity, said the group plans to build a multi-phased mixed use project with retail and a residential portion with up to 2,500 units. He expects the building to break ground next year and the project could take five to seven years to complete.

Miami Merchants Mart LLC, led by New York developer Haim Chera, sold the 225,417-square-foot retail center at 3017 Northwest 79th Street for $59 per square foot. Chera partnered with the Nakash family, the owners of Jordache Jeans, to purchase the property in 2011 for $11 million. The Nakash family‘s spokesperson previously said they decided to buy the property after they found out that Walmart was scouting locations in Liberty City to open a super center.

The flea market building was built in 1970 and sits on a 15.4-acre lot that fronts the Northside Metrorail station.

North Miami-based IMC Equity also owns the Northside Centre shopping mall next door, which sits on 33 acres. The company could build mid-rise, market rate apartment buildings with retail space on the ground floor, Segrera said.

The flea market was a staple in West Little River, near Liberty City, since the 1980s. The large warehouse had a number of different jewelry stores, hair salons and retail vendors inside. It closed earlier this year.

IMC Equity has been aggressively buying up retail properties in South Florida. In December, the investment firm bought a 250,000-square-foot shopping center in Margate called Peppertree Plaza for $45.5 million. Led by Yoram Izhak, the company now has a portfolio valued at more than $1 billion, according to its website.

Last May, IMC Equity Group bought the 37-acre Festival Flea Market in Pompano Beach for $25 million and paid an additional $31 million for the flea market business.


Related Articles

arrow_forward_ios
Rail 71, Tony Arellano and Devlin Marinoff

The pandemic killed the sale of Rail 71. It’s back on the market for $32M

The pandemic killed the sale of Rail 71. It’s back on the market for $32M
200 Northwest 79th Street and Todd Amsdell, president and CEO of Amsdell Companies (Credit: Google Maps)

Self-storage facility in Little River sells for $7M

Self-storage facility in Little River sells for $7M
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

TIAA sells Weston warehouse for $33M
Rail 71, Tony Arellano and Devlin Marinoff

Morgan Reed Group lists Rail 71 development for $33M

Morgan Reed Group lists Rail 71 development for $33M
Miami-Dade County Commissioner Xavier Suarez and Miami City Mayor Francis Suarez (Credit: Getty Images, iStock)

Developers, ex-mayor push for rail expansion in Wynwood, Little Haiti and Liberty City

Developers, ex-mayor push for rail expansion in Wynwood, Little Haiti and Liberty City
Liliana and Howard Chase

Miami Beach broker to open Little River restaurant

Miami Beach broker to open Little River restaurant
State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center
Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view
arrow_forward_ios

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

Loading...