South Florida Business Journal: Neighborhood retail center sold for 112% gain after four yearsDecember 19, 2017
IMC Equity Group sold the Lincoln Park retail plaza in Sunrise for a 112 percent gain over its last trade four years ago.
Carlos Segrera, director of acquisitions and finance at North Miami-based IMC Equity, said company affiliate Lincoln Sunrise LLC sold the shopping center at 7738 to 7856 44th Street in Sunrise for $9.3 million to Bilu Association, managed by Yehuda Bilu and Shmuel Bilu in Pompano Beach. The price for the 149,280-square-foot retail center equated to $62 per square foot. Banesco USA financed the deal.
IMC Equity paid $4.39 million for Lincoln Park in 2012. Segrera said the purchase was done through Auction.com. At the time, the shopping center was 60 percent vacant, he said. IMC Equity improved the building with new paint, landscaping and parking lot enhancements, eliminated $200,000 in contractor liens and increased the occupancy to 80 percent.
The tenants in Lincoln Park are small businesses such as PT Fish, Your Bakery Connection, Maya Hefter Car Collection, Dosa LLC, and Salon 44.
It was built on the 9.8-acre site just west of University Drive in 1977.
Led by Yoram Izhak, IMC Equity holds over $1 billion in commercial real estate, including retail, industrial, office and multifamily properties. The Lincoln Park deal highlights its strategy of buying struggling properties and turning their performance around to increase their values.