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MC Equity Group acquired Miracle Marketplace in Miami for $62 million, representing a 32.6% markdown from its original purchase price over a decade ago. The North Miami-based firm purchased the property from an affiliate of Chicago-based Heitman, according to IMC Chief Investment Officer Carlos Segrera. IMC borrowed $42.5 million from Ocean Bank to finance the deal.

    The six-story building spans 614,000 square feet and features a garage and 246,000 square feet of leasable space. Completed in 1989 on a 3.5-acre site, Miracle Marketplace is 98% leased with tenants including Burlington, Nordstrom Rack, DSW, and LA Fitness.

    Heitman acquired the property in 2013 for $92 million but declined to comment on why it sold at a discount. Typically, landlords selling properties below their original price face loan maturities or difficulty finding equity investors due to skittish lenders. However, Heitman did not have a mortgage on Miracle Marketplace at the time of its purchase.

    IMC Equity has over $3 billion in assets under management and is developing several projects in South Florida, including a pair of six-story apartment buildings and a mixed-use complex with workforce housing. Despite South Florida's reputation as an economic haven, discounted deals are emerging in the region, particularly in the office sector.