The Festival Flea Market in Pompano Beach has been sold for a combined $56m. The buyer, IMC Equity Group, paid $25m for the 37-acre site and $31m for the flea market business. The new owners of the 382,000 sq ft facility intend to keep the flea market operational. They buyer plans to renovate the flea market to include a European-style farmers market and will keep the existing tenants. IMC is also considering bringing a Racetrack Petroleum station and Taco Bell to the property as well as an apartment complex for the 10-acre site adjacent to the flea market. The seller, R/S Associates of Florida, a family-owned investment firm led by Daniel Shooster, bought the property in 1988 for $3.8m.
