Johnson & Wales sells more North Miami properties for $21M

Entities tied to IMC CEO Yorham Izhak bought three apartment buildings, an educational building, a vacant lot and surface parking lot

12350 Biscayne Boulevard and buyer Yoram Izhak (Google Maps)
12350 Biscayne Boulevard and buyer Yoram Izhak (Google Maps)

Johnson & Wales University is not done unloading its North Miami portfolio.

Entities tied to developer Yoram Izhak and his North Miami-based company IMC Equity Group paid a combined $21 million for several properties, records show. The sites were not part of the recent sale of the 25-acre Johnson & Wales main campus to Property Markets Group.

Izhak’s Biscayne Apts Development LLC this week paid $12.3 million for the shuttered college’s golf management center and an adjoining student apartment building at 12350 Biscayne Boulevard, along with a surface parking lot and a vacant lot at 1650 Northeast 124th Street, according to records.

Last month, Izhak’s Kissimmee 3205 LLC also bought three apartment buildings with a total of 87 units at 1700 Northeast 133rd Street, 13025 Emerald Drive and 13025 Emerald Drive.

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Izhak, who pleaded guilty to tax evasion in 2004, is the manager of all the buying entities, according to state corporate records.

The Biscayne Apts. purchase was partially financed with a $5 million loan from Israel Discount Bank of New York, and Kissimmee got an $8.4 million mortgage from Midfirst Bank.

Johnson and Wales, which is based in Providence, Rhode Island, completed the sale of its main campus to PMG in a $55 million to $60 million deal earlier this month.

IMC Equity is a commercial developer and real estate investment firm with extensive holdings throughout South Florida, including the Festival Marketplace in Pompano Beach; the Renaissance Commons class A office complex in Palm Beach; and the Boutique, a 43-unit apartment building in Miami’s Upper Eastside. In 2019, the company acquired the Flea Market USA shopping center in Little River for $13.5 million.