IMC Equity Group, based in North Miami and led by Yoram Izhak, has acquired Doral Square, a retail property in Doral, for $74 million. The shopping center spans 150,000 square feet over three levels and was completed in 2021 by Terra, a Coconut Grove-based developer headed by David Martin. The purchase price equates to approximately $493 per square foot.
Terra initially bought the 3.9-acre site at 3737 Northwest 87th Avenue for $12.5 million in 2018. Mark Gilbert of Cushman & Wakefield brokered the transaction.
Doral Square was not listed with an asking price. Carlos Segrera, Chief Investment Officer at IMC Equity, told The Real Deal that the company based its offer on an analysis of the shopping center’s financial statements included in the offering memorandum. Segrera said, “Doral Square is the replacement property.”
The property was designed by Touzet Studio and features anchor tenants such as Marshalls, Ross Dress for Less, and UFC Gym. Other businesses at the location include Pet Supermarket, AT&T, Jersey Mike’s Subs, and Panda Express.
IMC Equity purchased Doral Square as part of a 1031 exchange following its September sale of Festival Marketplace—a closed indoor flea market in Pompano Beach—for $66 million to Foundry Commercial and Wheelock Capital.
According to IMC Equity’s website and statements from the firm, it manages more than $3 billion in assets and now owns 72 shopping centers across Florida.
Investor interest remains strong in South Florida’s retail real estate sector. Colliers reported that vacancy rates have edged up to 3.2 percent while rental rates have seen a slight decrease this year in Miami-Dade County (https://www.colliers.com/en/research/miami/retail-market-report-miami-dade-county-2024-q1).
Other notable recent transactions include Publix acquiring Polo Club Shops in Boca Raton for $83 million—a plaza anchored by one of its supermarkets—and JPMorgan purchasing Shoppes at Heron Lakes in Coral Springs last month for $53.7 million.
