IMC Equity Group, a North Miami-based real estate investment firm led by Yoram Izhak, has acquired Doral Square, a shopping center in Doral, for $74 million. The 150,000-square-foot retail property was developed by Terra in 2001 and is located at 3737 Northwest 87th Avenue. According to the news release, the purchase price equates to $493 per square foot.
Terra originally bought the 3.9-acre site for $12.5 million in 2018. Mark Gilbert of Cushman & Wakefield brokered the sale.
Doral Square was listed without an asking price. IMC Equity based its offer on an analysis of the shopping center’s financial statements provided in the offering memorandum. “Doral Square is the replacement property,” said Carlos Segrera, Chief Investment Officer at IMC Equity.
The property was designed by Touzet Studio and features anchor tenants such as Marshalls, Ross Dress for Less, and UFC Gym. Other businesses operating at Doral Square include Pet Supermarket, AT&T, Jersey Mike’s, and Panda Express.
The acquisition was structured as part of a 1031 exchange following IMC Equity’s sale of Festival Marketplace in Pompano Beach for $66 million earlier this year.
IMC Equity now owns 72 shopping centers across Florida and manages more than $3 billion in assets.
South Florida continues to see active investor interest in retail properties. In Miami-Dade County, vacancy rates have increased slightly to 3.2 percent while rents have seen a modest decline this year, according to Colliers data.
Other recent transactions include Publix’s purchase of Polo Club Shops in Boca Raton for $83 million and JPMorgan’s acquisition of Shoppes at Heron Lakes in Coral Springs for $53.7 million.
