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| Tamiami EAst Shopping Center, 14180 Tamiami Trail, Miami, FL |
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| 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.”
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| 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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