North Miami-based IMC Equity Group now owns more than $1 billion in real estate after its $18 million acquisition of West Sunset Square in West Kendall.
RREF WSS Acquisitions, an affiliate of Lennar Corp. (NYSE: LEN) subsidiary Rialto, sold the retail center at 15785 S.W. 72nd Street with about 65,000 square feet of leasable space to an affiliate of IMC Equity Group. Sabadell United Bank provided a $12.6 million loan to the buyer.
Kirk Olson and Drew A. Kristol of Marcus and Millichap brokered the deal.
West Sunset Square last traded through a deed in lieu of foreclosure in 2013. It was built on the 6.9-acre site in 2009 and recently had a Taco Bell restaurant constructed on its out-parcel.
Carlos Segrera, IMC Equity Group’s director of acquisitions and finance, said the purchase was done using a 1031 tax exchange, which will defer the profit the company made from selling Sabina Shopping Center for $12.5 million in June, a 131 percent gain.
“We bought a better property with more national tenants like Planet Fitness, Taco Bell and Dollar Tree,” Segrera said.
West Sunset Square traded at a 7.25 capitalization rate, he added.
“Our marketing campaign, while always broad in reach, paid personal attention to regional private investors who understand the Kendall submarket, considered one of Miami’s most attractive high-growth areas,” Olson said.
IMC Equity Group was founded in 2002 by Yoram Izhak and several partners. A native of Tel Aviv, Israel, Izhak came to Miami at 16 and went to Killian High School. He started out in the textiles business.
Izhak had a couple run-ins with the law that resulted in modest fines, but he said those incidents haven’t held back his real estate career. In 2004, Izhak and a co-defendant settled a federal tax evasion charge. Izhak paid a $50 penalty, according to court records.
In 2002, Izhak was arrested for bringing a revolver into Fort Lauderdale/Hollywood International Airport. Izhak, who said he forgot the weapon was in his bag, settled the charges by paying a $25 fine.