IMC Equity Group is concluding 2025 with the acquisition of a four-year-old, nearly fully leased shopping center in Doral.
North Miami-based IMC Equity, led by Yoram Izhak, purchased Doral Square for $74 million. The property consists of a 150,000-square-foot, three-story retail center that was completed in 2021 by David Martin’s Coconut Grove-based Terra, according to a news release. The sale price equates to $493 per square foot.
According to public records, Terra originally acquired the 3.9-acre site at 3737 Northwest 87th Avenue in 2018 for $12.5 million.
The deal was brokered by Mark Gilbert of Cushman & Wakefield.
Doral Square was on the market without a listed asking price. IMC Equity based its offer on an analysis of the shopping center’s financial statements provided in the offering memorandum, IMC Chief Investment Officer Carlos Segrera told The Real Deal.
Designed by Miami-based Touzet Studio, Doral Square features Marshalls, Ross Dress for Less, and UFC Gym as anchor tenants. Additional tenants include Pet Supermarket, AT&T, Jersey Mike’s, and Panda Express.
IMC Equity acquired Doral Square as part of a 1031 exchange—a provision under IRS rules that allows real estate investors to exchange one investment property for another and defer capital gains taxes. In September, IMC Equity sold Festival Marketplace, a closed indoor flea market in Pompano Beach, to Foundry Commercial and Wheelock Capital for $66 million.
According to Segrera, Doral Square is serving as the replacement property in this exchange.
IMC Equity is a commercial real estate development and investment firm managing more than $3 billion in assets, as stated in the release. With the addition of Doral Square, the company now owns 72 shopping centers throughout Florida, according to its website.
Investment activity in South Florida’s retail sector remains robust. Vacancy rates in Miami-Dade have increased to 3.2 percent this year, while average rents have declined slightly, according to Colliers.
Other notable recent retail transactions in South Florida include Publix’s purchase of Polo Club Shops in Boca Raton for $83 million. The 134,800-square-foot plaza is anchored by a Publix supermarket.
Last month, New York-based JPMorgan acquired the Shoppes at Heron Lakes, a shopping center in Coral Springs, for $53.7 million.
