IMC Properties paid $15.9 million for Tamiami East, a retail center in western Miami-Dade County with LA Fitness as the main anchor.
Marcus & Millichap's Kirk D. Olson, Drew A. Kristol, James Rea and Brian Munn represented both the buyer and seller in the deal.
North Miami-based IMC Properties acquired the 54,864-square-foot shopping center at 14080 S.W. Eighth St. (Tamiami Trail) from North Carolina-based Gemini Tamiami. SunTrust Bank provided an $11.5 million loan for the deal.
The price equates to $290 a square foot. LA Fitness occupies about 45,000 square feet there. GameStop and Pollo Tropical are also tenants there.
“We completed the transaction with only 10 days due diligence and went hard with a substantial deposit,” IMC Properties President Yoram Izhak said. “The acquisition is a natural progression for us as we own the property next door …. Year-to-date, IMC has purchased approximately $90 million in commercial properties."
The retail plaza was built in 2004 and last traded for $15.1 million in 2005.
“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 Southwest Eighth Street in western Miami-Dade County,” Olson said. “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.”