IMC Equity Group is closing out 2025 by picking up for a 4-year-old, nearly fully leased shopping center in Doral.
North Miami-based IMC Equity, led by Yoram Izhak, paid $74 million for Doral Square, a 150,000-square-foot, three-level retail building completed in 2001 by David Martin’s Coconut Grove-based Terra, according to a news release. The price amounts to $493 per square foot.
Terra paid $12.5 million for the 3.9-acre development site at 3737 Northwest 87th Avenue in 2018, records show.
Mark Gilbert with Cushman & Wakefield brokered the transaction.
Doral Square was listed without an asking price, but the buyer based its offer on an analysis of the shopping center’s financial statements within the offering memorandum, IMC Chief Investment Officer Carlos Segrera told The Real Deal.
Designed by Miami-based Touzet Studio, Doral Square is anchored by Marshalls, Ross Dress for Less, and UFC Gym. Other tenants include Pet Supermarket, AT&T, Jersey Mike’s and Panda Express.
IMC Equity purchased Doral Square as part of 1031 exchange, a mechanism via the IRS that allows real estate investors to swap one investment property for another without immediately paying capital gains taxes. In September, IMC Equity sold Festival Marketplace, a shuttered indoor flea market in Pompano Beach, for $66 million to Foundry Commercial and Wheelock Capital.
Doral Square is the replacement property, Segrera said.
IMC Equity is a commercial real estate development and investment firm with more than $3 billion in assets under management, the release states. Counting Doral Square, the firm owns 72 shopping centers across Florida, according to its website.
Investor activity is strong in South Florida’s retail real estate market. Vacancies creeped up to 3.2 percent and rents slipped modestly in Miami-Dade this year, according to Colliers.
In other recent South Florida shopping center deals, Publix acquired Polo Club Shops in Boca Raton for $83 million. The 134,800-square-foot retail plaza is anchored by one of the Lakeland-based grocery chain’s supermarkets.
Last month, New York-based JPMorgan paid $53.7 million for Shoppes at Heron Lakes, a Coral Springs shopping center.
