IMC Equity Group snags industrial buildings in Plantation for $11M
Cofe Properties sold the buildings for $106 psf
UPDATED, Oct. 2, 10:35 a.m.: IMC Equity Group bought two industrial buildings in Plantation from Cofe Properties for $10.5 million, adding to growing interest in the sector in Broward County.
The North Miami-based real estate investment firm bought the two buildings totaling 99,110 square feet at 1700 Northwest 66th Avenue and 1800 Northwest 66 Avenue for $106 per square foot, records show.
Avison Young’s David Duckworth, John K. Crotty, Michael T. Fay, Brian de la Fé and Berkley Bloodworth brokered the sale.
The properties were built in 1979 and last traded for $8.9 million in 2012, records show.
The industrial market remains one of South Florida’s best performing asset classes. In the second quarter of 2019, vacancy rates in Broward County were at 4.1 percent, according to a report by Colliers International South Florida.
IMC Equity has been actively buying 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. In May, it 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.
Led by Yoram Izhak, IMC Equity now has a portfolio valued at more than $1 billion, according to its website.