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BUYER: Airport Commerce LLC (principals: Yoram Izhak and Antonio Nunes Galvao), North Miami
SELLER: Airport Commerce Center LLC
PROPERTY: 7602 E. 15th St. and 1100 and 1200 block of Tallevast Road, Sarasota
PRICE: $8.3 million
PREVIOUS PRICE: $15.25 million, December 2006
LAW FIRM ON DEED: Robert A. Brandt PA, North Miami
PLANS, DESCRIPTION: North Miami's 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 LLCfor $8.3 million. Izhak heads that company, Airport Commerce LLC, along with Antonio Nunes Galvao of Miami.
Airport Commerce Center LLC 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, when they were 29% occupied, for $1.88 million.
Now the development, at the northwest corner of Tallevast Road and 15th Street East, is 82% occupied, according to Sue Goss, a property manager Riggs hired. Goss says the center has a variety of tenant spaces available, up to 5,000 square feet of contiguous space.
Calls to North Miami-based IMC Property Management were not returned prior to deadline.
The new owner mortgaged the property to Ocean Bank for $4.58 million.
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