IMC Equity snags Hialeah office building from Cofe Properties

In October, the company paid Cofe Properties $10.5M for two industrial buildings in Plantation

Dec.December 10, 2019 04:30 PM
IMC Equity’s Yoram Izhak and 1490 West 49th Place (Credit: Google Maps)

IMC Equity’s Yoram Izhak and 1490 West 49th Place (Credit: Google Maps)

UPDATED, Dec. 11, 9:45 a.m.: Yoram Izhak’s IMC Equity Group snagged another property from Cofe Properties.

The North Miami-based firm purchased the 37,830-square-foot medical office building at 1490 West 49th Place in Hialeah for $5.9 million, or $156 per square foot, records show. The property was built in 1966 and has five floors and was renovated in 2017.

Just two months ago, IMC Equity Group bought two buildings in Plantation from Miami-based Cofe Properties for $10.5 million.

Douglas K. Mandel and Adam H. Klein of Marcus & Millichap represented both the buyer and the seller in the deal.

IMC Equity is actively buying distressed 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 Izhak, IMC Equity now has a portfolio valued at more than $1 billion, according to its website. Prior to working in real estate, he owned the the apparel store Five Y Clothing.

Correction: A previous version of the story inaccurately represented the building type, square footage and price per square foot.

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