MIAMI—Tamiami East, a 54,864-square-foot shopping center in Miami, has a new owner. An affiliate of North Miami-based IMC Properties, led by Yoram Izhak, paid $15.9 million for the retail asset.
“We completed the transaction with only 10 days due diligence and went hard with a substantial deposit,” says Izhak. “The acquisition is a natural progression for us as we own the property next door. The purchase also satisfies the requirements of our 1031 exchange.”
Kirk D. Olson and Drew A. Kristol, both vice presidents investments in Marcus & Millichap's Miami office, along with James “Chris” Rea, senior vice president investments, and Brian Munn, vice president investments the firm's Atlanta office, secured the acquisition the buyer. The team also represented the seller, a North Carolina-based LLC. SunTrust bank arranged an $11.5 million acquisition loan on the retail asset.
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