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

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.

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.