IMC paid $10.5 million for the 140,000-square-foot retail center at U.S. 192 at Old Vineland Road -- the firm's third Central Florida acquisition in the last month. In December, IMC bought Vantage Pointe, 96,000 square feet of Class A office/industrial flex space in Sanford, for $9.75 million. The firm also paid $3.35 million last month for an office building in Maitland.
Carlos Segrera, director of acquisitions and finance for IMC, told GrowthSpotter he felt the price per square foot made the Kissimmee retail center an attractive investment.
"We like the property. It enjoys great frontage on 192," he said. "It's mainly an outlet center with great tenants like Nike, Tommy Hilfiger and Beall's outlet. It even has a Disney outlet."
Other tenants include Converse, Dollar Tree and Power Fitness. "All of the tourists go to 192 and they take their suitcases to load up," he said. "They love it."
The shopping center is situated on 10 acres and includes a one-acre outparcel that IMC is currently marketing as a potential restaurant site. Segrera said the outparcel is already approved for a 9,200-square-foot restaurant on pilings because the site currently serves as a retention pond for the shopping center.
"We may want to develop something in the near future but not as big as we don't want to block visibility to the center," he said.
The firm is also planning some exterior renovations to the property, including repairing the parking lot and painting the building.
The Kissimmee center is IMC's fifth retail center in Osceola County. The firm also owns shopping centers on Osceola Parkway, John Young Parkway, Cypress Street and one in St. Cloud.
Segrera said IMC doesn't look for a quick turnaround. "We are long-term holders of property. We don't like to sell."
Founded in 2002 by Yoram Izhak, IMC currently owns and manages more than 8 million square feet of rental space in a portfolio valued at more than $700 million.