Design District building sells for $6.15 million

An office/retail building in the Design District has been sold for $6.15 million, according to Metro 1 Commercial, which represented seller FT Holdings/White Dove in the transaction. The property is located at 3995 North Miami Avenue. The buyer was RD Design District, which has a number of holdings on Lincoln Road. RD was represented by Sterling Realty’s Eric Levin in the deal. “We are pleased to have been able to facilitate a favorable agreement for both parties involved,” said Metro 1 President Tony Cho. The sale price worked out to an average of $188 per square foot. The property is around 95 percent occupancy. Cho said the entrance of luxury retailers like Christian Dior and Hermes to the Design District would continue to increase demand in the area.
— Alexander Britell