IMC Equity Group has acquired Doral Square, a shopping center in Doral, for $74 million. The 150,000-square-foot property was developed by Terra in 2021 and is almost fully leased. IMC Equity is based in North Miami and led by Yoram Izhak.
The purchase price comes to $493 per square foot. Terra originally bought the development site at 3737 Northwest 87th Avenue for $12.5 million in 2018.
Mark Gilbert of Cushman & Wakefield brokered the deal. According to IMC Chief Investment Officer Carlos Segrera, “the buyer based its offer on an analysis of the shopping center’s financial statements within the offering memorandum.” He told The Real Deal that Doral Square is being used as a replacement property as part of a 1031 exchange after IMC sold Festival Marketplace in Pompano Beach for $66 million earlier this year.
Doral Square was designed by Touzet Studio and features tenants such as Marshalls, Ross Dress for Less, UFC Gym, Pet Supermarket, AT&T, Jersey Mike’s, and Panda Express.
IMC Equity manages more than $3 billion in assets and now owns 72 shopping centers across Florida.
Investor activity remains high in South Florida retail real estate. Vacancy rates have increased slightly to 3.2 percent while rents have seen modest declines in Miami-Dade County this year according to Colliers (https://www.colliers.com/en/research/miami-dade/2024-q1-retail-market-report-miami-dade).
Other recent transactions include Publix purchasing Polo Club Shops in Boca Raton for $83 million and JPMorgan acquiring Shoppes at Heron Lakes in Coral Springs for $53.7 million.
