IMC Property Management, one of the most active real estate investors in South Florida, has rebranded as IMC Equity Group.
The North Miami-based company owns about 9 million square feet of property, with about 650,000 square feet acquired for $88.5 million so far in 2015, according to IMC director of acquisitions and finance Carlos Segrera. It posted $84 million in revenue in 2014.
“A rebranding allows us to easily expand into newer markets and develop the business relationships we have so far enjoyed in Florida,” IMC President and CEO Yoram Izhak said. “Newer markets means compounding the growth we’ve developed and proactively penetrating new markets to build and gain a foothold in.”
Founded in 2002 by Izhak and Eric Maller, IMC has grown to 70 employees. It specializes in purchasing distressed or under-performing properties and investing in their rehabilitation to boost their value. IMC now describes itself as a private equity firm, not just a property management group.
“Property management is not our core business at all,” Segrera said. “We exclusively manage our own real estate holdings. Our main source of revenue is the income generated from the commercial properties we have in our portfolio.”
IMC’s properties include the Lauderhill Mall, the Northside Shopping Center in Miami, the Atlantic Plaza Shoppes in Delray Beach, and Kendall Executive Center. It also owns many industrial properties.