The Sabina Shopping Center in southwest Miami-Dade County sold for $12.5 million, a 131 percent gain from its last trade four years ago.
Carlos Segrera, director of acquisitions and finance at North Miami-based IMC Equity Group, said his company sold the 51,000-square-foot retail center at 4001 S.W. 152nd Ave. to Venetto Group. The deal was financed by an $8.13 million loan from Banesco USA. The selling broker was Kirk Olson with Marcus & Millichap.
IMC Equity Group affiliate Sabina 40 St LLC acquired the property for $5.4 million in 2012 at a time when a foreclosure lawsuit was pending against the previous owner. The market back then was soft and IMC Equity Group capitalized on the opportunity with a quick due diligence and closing, Segrera said.
"After we acquired this property back in 2012, we diligently increased occupancy by first bringing Dollar Tree as the anchor tenant occupying 10,000 [square feet], then other tenants followed such as Jumping Jamboree, True Value, Equinox Arts Academy among others,” Segrera said. "By the end of 2013, we were about 80 percent rented and then fully rented in first quarter of 2014.”
IMC Equity Group CEO Yoram Izhak said the return on the deal exceeded his expectations.
Sabina Shopping Center was built on the 3.9-acre site in 2007.