IMC Property buys repossessed Miami-Dade office from Regions Bank – South Florida Business Journal

MC Property Management bought a repossessed office complex in Miami-Dade County’s West Kendall at a 24 percent discount to its old mortgage.

An affiliate of Regions Bank (NYSE: RF) seized the property, at 8785 S.W. 165th Ave., in March in a $16.45 million deed in lieu of foreclosure with Lucky Start Executive Plaza. It recently sold it for $12.5 million to North Miami-based IMC, an experienced investor in commercial property that specializes in turnaround projects.

The office