IMC Equity Group has acquired Doral Square, a retail shopping center in Doral, for $74 million. The North Miami-based company, led by Yoram Izhak, purchased the 150,000-square-foot property from Terra, which had developed the site after buying it for $12.5 million in 2018.
The sale was brokered by Mark Gilbert of Cushman & Wakefield. Doral Square is nearly fully leased and features major tenants such as Marshalls, Ross Dress for Less, and UFC Gym. Other retailers at the location include Pet Supermarket, AT&T, Jersey Mike’s Subs, and Panda Express.
According to IMC Equity Chief Investment Officer Carlos Segrera: “The buyer based its offer on an analysis of the shopping center’s financial statements within the offering memorandum.” He also told The Real Deal that Doral Square serves as a replacement property following IMC Equity’s recent sale of Festival Marketplace in Pompano Beach for $66 million. This transaction was structured as part of a 1031 exchange—a process allowing real estate investors to defer capital gains taxes when swapping one investment property for another.
Doral Square was designed by Touzet Studio of Miami and completed in 2021. With this purchase, IMC Equity now owns 72 shopping centers throughout Florida and manages more than $3 billion in assets.
Investor interest remains high in South Florida’s retail sector. Recent data indicates that retail vacancies have increased slightly to 3.2 percent while rents have declined modestly in Miami-Dade County this year (https://www.colliers.com/en/research/miami/2024-q1-miami-retail-market-report).
Other notable transactions include Publix’s acquisition of Polo Club Shops in Boca Raton for $83 million and JPMorgan’s purchase of Shoppes at Heron Lakes in Coral Springs for $53.7 million.
