IMC Property Management bought a repossessed office complex in Miami-Dade County’s West Kendall at a 24 percent discount to its old mortgage.
An affiliate of Regions Bank (NYSE: RF) seized the property, at 8785 S.W. 165th Ave., in March in a $16.45 million deed in lieu of foreclosure with Lucky Start Executive Plaza. It recently sold it for $12.5 million to North Miami-based IMC, an experienced investor in commercial property that specializes in turnaround projects.
The office plaza, a few blocks from West Kendall Baptist Hospital, was built in 2008. IMC Director of Acquisitions and Finance Carlos Segrera said it has a three-story building of 37,000 square feet and a one-story building of 19,000 square feet. They are 55 percent leased and have great upside, he added.
“This trade area is a large community with over 200,000 people who are highly educated and [have] above average incomes,” Segrera said. “The property also has a 4-acre parcel, which has infrastructure in place where we can build another 88,000 square feet. But our plan is first to stabilize the remaining vacancy in the existing buildings.”