IMC Equity Group, the Miami based billion dollar private equity real estate investment company, are the equity investors behind the CRE development project known as Miami Gardens Promenade. IMC purchased the property back in 2015 and in less than a year had about 70% preleased to national tenants. The equity group added tremendous value by bringing national credit worthy tenants such as Burlington, Ross, Dollar Tree, and Marshalls to name a few, but probably the most exciting is IMC’s ability to attract Wawa - the first in Miami-Dade County. These tenants, especially Wawa, have created a media buzz and people all over the county are excited to finally have a Wawa in Miami.
Also during the last year, IMC assembled a development team with vast experience in the industry as follows: Hawkins Construction, Inc. a full service general contractor providing expertise in commercial construction throughout the southeastern United States. CPH Corp as the architectural/engineering firm who is overseeing the project, and leasing was primarily executed all in-house by IMC’s Keith Short.
Leveraging IMC Equity Group’s strong relationship with the banking institutions in South Florida, the developer was able to secure a $43 million loan with Ocean Bank, in a co-participation with Marquis Bank. The total project cost is approximately $65 million and time of completion is estimated to be in 2nd Quarter 2018.
The ground breaking took place earlier in January of this year and was attended by the City of Miami Gardens Mayor Oliver G. Gilbert, the councilmen and women of Miami Gardens, and their constituents, along with representatives from IMC, Hawkins, CPH, and Ocean Bank.
There was a large crowd from people all over the neighborhood. To many, this was a city landmark, most notably remembered for the flea market known as Carol Mart, which appeared in Rick Ross’s music video “Hustlin.” The plans to renovate the flea market have been in place for years and as Mayor Gilbert recalled the city believed there would be a day that this location would be ripe for an investment opportunity. That day came when IMC Equity Group CEO/Founder, Yoram Izhak, saw the opportunity to develop a great corner in a trafficked intersection both for the benefits of the surrounding community and IMC’s investors.