Sales  ·  office

IMC Equity Group Buys Sunrise Office Park at $25M Discount

Israel Discount Bank of New York provided a $30M loan

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A 56-acre office park in Sunrise, Fla., traded for about a third less than its previous sale price five years ago. 

IMC Equity Group paid $49 million for Sawgrass Technology Park at 1601 NW 136th Avenue, south of the Sawgrass Mills outlet mall, per property records. Israel Discount Bank of New York provided a $30.3 million loan.

SEE ALSO: Gatsby Enterprises Buys Boca Office at Discount

The Sawgrass campus features a 514,332-square-foot office building, ample surface parking, and grounds that feature several small lakes. Nearly 139,000 square feet of space, 80,000 square feet of it contiguous, is available to lease, according to an online listing.

The Atlanta-based seller, Bridge Commercial Real Estate, purchased the property, originally built in 1985, for $74.3 million in 2019, according to property records. The recent sale netted a more than a $25 million loss.

While Miami and West Palm Beach have attracted a slew of new-to-market tenants into Class A buildings, Class B properties in suburbs have struggled since the pandemic. 

Representatives for Yoram Izhak’s North Miami-based IMC Equity Group, and for Bridge Commercial Real Estate, did not immediately respond to requests for comment.

Following the sale of a multifamily development site at the shuttered Johnson & Wales University campus in North Miami for $13.6 million and the $34 million sale of a strip mall in Royal Palm Beach, IMC Equity Group purchased a townhouse community in Homestead for $67 million last year.

In another office transaction last month, Swiss maritime company MSC Group paid $67 million for the 130,000-square-foot office component of a mixed-use development in Miami, where it will set up the headquarters for its cruise division.

Julia Echikson can be reached at jechikson@commercialobserver.com