The Real Deal Miami

MiMo developer buys 10th property, plans adaptive re-use

The Center for Independent Living building last sold for $2 million in 2005

March 01, 2016 01:35PM
By Katherine Kallergis

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6660 Biscayne Boulevard

6660 Biscayne Boulevard

Investor and developer Alex Karakhanian has picked up another property in the MiMo neighborhood for $4.6 million.

Alex Karakhanian

Alex Karakhanian

Karakhanian bought the Center for Independent Living of South Florida building at 6660 Biscayne Boulevard with plans to turn the assisted living center into a retail-oriented adaptive re-use development, he told The Real Deal.

Karakhanian, of AKORP Development, paid all cash for the 14,500-square-foot building, which he said is his 10th purchase in the area. MiMo, short for Miami Modern Biscayne Boulevard Historic District, spans from 50th Street to 77th Street along the boulevard.

Kristine Flook and Janet Crucet of Urbanize Properties brokered the sale. Flook said the Center for Independent Living will relocate to another building along the Biscayne corridor.

Karakhanian told TRD he is very aggressive about investing in the neighborhood, where he also owns the building where Panther Coffee will open this year at 64th Street and Biscayne.

His plans include to accent the building’s historic features while making the property, built in 1960, more retail and pedestrian-friendly. “I’m not looking to tear anything down,” he said.

CIL of MIA LLC sold the 19,200-square-foot property at 6660 Biscayne Boulevard. The LLC is managed by James Baker, Alvin W. Roberts, Gregg Goldfarb, Jay Weiss, Jose Alfano, Patrici Bochi, Tim Werner, Barbara Gratzke, Stephen Mander, Earl Oaks and Chierno Skinner. Property records show it last sold for $2 million in 2005.

Karakhanian also owns the building across the street at 6621 Biscayne Boulevard. He paid $4 million for it last year.

The area’s transformation includes new retail, restaurants, office space and hotels. Los Angeles-based Trina Turk and Mr Turk is working on the buildout of a nearby store at 7200 Biscayne Boulevard.