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.

“Year-to-date, IMC has purchased approximately $90 million in commercial properties,” says Izhak. “However, the market is changing and as the economy recovers we will see a rise in interest rates, which in turn will cause capitalization rates to increase.”

The retail asset is located at 14180 Tamiami Trail. A 45,000-square-foot LA Fitness anchors the shopping center. LA Fitness occupies 82% of the center. CPR Cellphone Repair, GameStop and Pollo Tropical are among the other tenants.

“Tamiami East is a fully occupied shopping center with a strong anchor tenant and a good mix of small shop tenants with excellent exposure to heavily travelled Southwest 8th Street in western Miami-Dade County,” says Olson. “We generated more than 10 offers on the property in a relatively short amount of time, which demonstrates the demand and continued growth of this retail submarket.”