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SARASOTA — IMC Property Management transferred the prominent 185,000-square-foot Airport Commerce Center industrial development to a new entity it owns with another partner.
Yoram Izhak's Airport Commerce Center LLC sold the eight-building complex, in Manatee County, to Airport Commerce LLC for $8.3 million. Izhak heads that company, Airport Commerce LLC, along with Antonio Nunes Galvao of North Miami.
Izhak purchased the 15-acre flex center in December 2006 from Stanley Riggs for $15.25 million. Riggs acquired many of the buildings in 1991 out of bankruptcy for $1.88 million.
At that time, the buildings were just 29% occupied. The development, at the northwest corner of Tallevast Road and 15th Street East, is now currently 82% occupied, according to Sue Goss, a property manager Riggs hired.
Calls to North Miami-based IMC Property Management were not returned prior to deadline.
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