Investor Picks Up Two Broward County Properties
North Miami-based investor Yoram Izhak is looking to spend $200 million this year and has at least two deals in the works for a warehouse and retail center in Broward County.
Last month he divested one of multiple shopping centers he purchased across South Florida beginning in 2010. Izhak, manager of Mya Properties LLC, sold Sample Plaza at 1000 E. Sample Road in Pompano Beach for $5.5 million.
It was an unusual move for the investor who spent $375 million in the last 3½ years on deals in Miami-Dade, Broward, Palm Beach and Orange counties.
"Basically we buy for long-term investment. We don't sell," he said. "This one I sold because we made a very good profit."
Mya Properties bought Sample Plaza for $4.2 million from Kimco Delaware Inc. in 2011 as part of a portfolio and sold it for about a 40 percent gain to Sample Plaza Center LLC, whose principals are Brazilian real estate developers Armando Carmo Couri and Joao Vitor Menin Teixeira De Souza.
Before the sale, Izhak made major upgrades and inked leases with Amscot and Advance Auto Parts, adding $180,000 in rent revenue. The new tenants joined anchors Save-A-Lot and Dollar General.
"I think it was one of those win-win deals where everybody did well," said broker Jonathan Gerszberg, a senior associate with Marcus & Millichap Real Estate Investment Services, who represented Izhak. "The seller took advantage of a strong market to capitalize his property. And the buyer got a good price of $85 per square foot, which is as low as I've seen for a stabilized shopping center."
That deal closed Dec. 27.
Days later, Izhak said he was in advanced negotiations on at least two Broward acquisitions scheduled to wrap in the next six weeks.
He's under contract for more than 181,000 square feet of industrial space at 1201 NE 38th St. in Oakland Park, where tenants include the Funky Buddha Brewery.