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IMC Equity grabs another Hialeah office building for $15M
Yoram Izhak’s firm bought Palm Springs Center from Cofe Properties, the latest in a string of deals in the City of Progress
UPDATED, Nov. 22, 4:30 p.m.: IMC Equity Group is bullish on Hialeah, snagging its second office property in the City of Progress in two years.
Yoram Izhak’s North Miami-based investment firm paid $14.7 million, or $190 per square foot, for the 77,000-square-foot Palm Springs Center at 1840 West 49th Street, The Real Deal has learned.
The seller is Cofe Properties, which paid $4 million for the seven-story building in 2011, according to records. Marcus & Millichap’s Douglas Mandel and Ryan Fellman represented Cofe Properties in the sale.
The deal comes two years after IMC Equity paid $5.9 million for a nearby office building at 1490 West 49th Place that was also previously owned by Cofe Properties. Earlier in 2019, IMC bought two industrial buildings in Plantation from Cofe Properties for $10.5 million.
Carlos Segrera, IMC Equity’s chief investment officer, said Palm Springs Center is 88 percent occupied with a mix of medical and professional tenants. Caremax Medical Centers is the building’s largest tenant, he said.
“It was a seven percent cap rate deal going in,” Segrera said. “And you have some upside there. The Hialeah submarket is so hot right now, you rarely find deals on West 49th Street for under $200 a square foot.”
Segrera said Cofe Properties renovated the building in 2013. “It’s in good shape,” he said.
IMC also owns a retail center in Hialeah, which it plans to redevelop into apartments, according to reports.
The sale is the latest in a flurry of deals involving several asset classes in Hialeah. KEI Properties, also based in North Miami, bought Hialeah Medical Plaza, a two-story medical and retail building, for $7.7 million in September.
That same month, Horizon Properties of Miami paid $33 million for the Publix-anchored El Mercado Plaza shopping center. A partnership led by Aventura-based ARI Financial Group bought a portfolio of four apartment and retail properties for $41.9 million. And Fort Lauderdale-based Rental Asset Management acquired the Lago Mar multifamily complex for $17.5 million.