Saturday, June 27, 2015

IMC Properties Buys Tamiami East Shopping Center in Miami, FL for $15.9 Million


Tamiami EAst Shopping Center, 14180 Tamiami Trail, Miami, FL


Kirk D. Olson
MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announces the sale of Tamiami East, a 54,864-square-foot shopping center located at 14180 Tamiami Trail in Miami. The center is anchored by a 45,000-square-foot LA Fitness.

            North Miami-based IMC Properties, led by President Yoram Izhak, through one of its affiliates, paid $15.9 million for the asset.

“We completed the transaction with only 10 days due diligence and went hard with a substantial deposit,” says Izhak. “The acquisition is a natural progression for us as we own the property next door. The purchase also satisfies the requirements of our 1031 exchange.”

            “Year-to-date, IMC has purchased approximately $90 million in commercial properties,” adds Izhak. “However, the market is changing and as the economy recovers we will see a rise in interest rates, which in turn will cause capitalization rates to increase.”


Brian Munn
Kirk D. Olson and Drew A. Kristol, both vice presidents investments in Marcus & Millichap’s Miami office, along with James “Chris” Rea, senior vice president investments, and Brian Munn, vice president investments the firm’s Atlanta office, secured the acquisition for IMC Properties and represented the seller, a North Carolina-based LLC. 

An $11.5 million loan for the purchase was arranged by SunTrust Bank.

 “Tamiami East is a fully occupied shopping center with a strong anchor tenant and a good mix of small shop tenants with excellent exposure to heavily travelled SW 8th Street in western Miami-Dade County,” says Olson.

 “We generated more than 10 offers on the property in a relatively short amount of time, which demonstrates the demand and continued growth of this retail submarket.”

            LA Fitness occupies 82 percent of the center. Other tenants include CPR Cellphone Repair, GameStop and Pollo Tropical.

For a complete copy of the company’s news release, please contact:

Gina Relva, Public Relations Manager

(925) 953-1716

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