The Real Deal Miami

Koniver Stern under contract for $23M Wynwood sale

Contract expected to close within next four months
By Katherine Kallergis | March 26, 2015 02:15PM

North Miami Avenue properties under contract in Wynwood

A bundle of properties in Wynwood will be sold for $23 million to an entity controlled by Koniver Stern Group, The Real Deal has learned.

Diamedix Corp., a health care manufacturer and subsidiary of ERBA Diagnostics, announced that it entered an agreement to sell its former facilities in Miami on Thursday.

The buyer is an entity controlled by Miami Beach-based Koniver Stern Group, a commercial real estate broker and developer, president Lyle Stern told TRD.

It’s the first venture into Wynwood for the commercial real estate brokerage and developer, Stern said. He declined to comment on what the company’s plans are for the assemblage.

“We needed to find the right parcel of the right size in the right place,” he said. “We’re excited about Wynwood.”

The properties under contract are: 2140, 2150 and 2160 North Miami Avenue; 2115, 2141 and 2155 North Miami Avenue; and 38 Northwest 22nd Street in Miami. They total about 52,000 square feet of building space.

The sale price comes out to $450 per square foot for the buildings, or $237 per square foot for the land, Dave Colonna of FIP Realty Services said.

Colonna, Brian Kantor and Roy Faith of FIP Realty Services are representing the seller. The contract is expected to close within the next four months, Stern said.

“Due to our consolidation of operations and manufacturing to our leased facilities in Miami Lakes, Florida, we executed this purchase and sale agreement in an effort to redeploy the value of this vacant asset,” said Mohan Gopalkrishnan, chief executive officer of ERBA Diagnostics, in the press release. “We believe the most effective, and tax-efficient, use of the net proceeds from the sale of the property will be a combination of reinvesting in facilities to accommodate our anticipated growth as well as applying a portion of it toward potential strategic acquisitions and the balance toward working capital.”