I.M.C. Property Management paid $23.25 million for a retail plaza in Florida City.
The North Miami-based developer bought the property at 33590, 33550, 33490, 33450, 33390, and 33290 South Dixie Highway as part of a 1031 tax exchange, I.M.C. director of acquisition Carlos Segrera said. That’s when the proceeds of selling another property are invested into a purchase.
The 87,000-square-foot center traded at $267 per square with a 7 percent capitalization rate, Segrera said. Its occupancy rate was 94 percent, he added. Tenants include Best Buy with 30,000 square feet, Mattress Firm with 25,000 square feet, Aldi with 16,400 square feet and Autozone with 7,500 square feet. The deal also includes the Bank of America and Chase Bank buildings there.
Segrera said the property was attractive because about 90 percent of the occupants are national credit tenants and it requires simple management and maintenance. It was built in phases from 2008 through 2014, with Aldi being the most recent building.
“This is like having a nice CD but with the benefit of double-digit returns after leverage,” Segrera said.
The seller was Great American Life Insurance/Brothers Property Corp. I.M.C. obtained a $17 million mortgage from the commercial mortgage backed securities (CMBS) market through Jefferies LoanCore. Segrera said they made a deposit after 10 days of due diligence and closed the loan within 60 days.