Airport Commerce Center owner adds new partners

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.