Real estate investor Yoram Izhak is buying up shopping centers in Broward and Palm Beach counties as fast as he can and doesn't plan to slow down any time soon.
Izhak committed more than $50 million for three Broward plazas in just six weeks and says he sees more opportunities -- now.
For shoppers, this means shopping plazas with too many vacant store will get new life.
His company, IMC Properties, purchased Lauderhill Mall for $18 million in March, plucked Lincoln Park shopping center in Sunrise out of foreclosure for a $14.9 million mortgage soon after, and paid $23 million last month for Lakes Mall in Lauderdale Lakes.
Izhak plans to renovate two of the three and fill them quickly with chain tenants. It's a formula he's used throughout South Florida to make centers successful.
"We update the centers and target national tenants," Izhak said.
Izhak is looking to bring a Family Dollar store and locally owned restaurants to Lincoln Park.
Lakes Mall won't need much. It was renovated about a year ago and is filled with retailers, such as Burlington Coat Factory, discount clothing retailer Ross and an Aldi grocery store.
"It's the discount retailers, like Ross, TJ Maxx, Marshalls and all three dollar store chains that are expanding," said Russell Bornstein, senior vice president of brokerage services at CBRE in Boca Raton..
To see what Izhak can do, take a look at the Sunset Square shopping center at the intersection of University Drive and Sunrise Boulevard. His company bought it almost five years ago when it was 60 percent vacant. He paid for renovations and found new tenants.
Now, there's a Primanti Brothers restaurant, a fitness center and a Russian-styled deli, among other tenants that fill the space.
Izhak owns nearly 30 commercial properties in Miami-Dade, Broward and Palm Beach counties. Some are just and warehouses, but most are shopping centers and office space. He owns more than 65 properties across the state.