Michael Simkins buys redeveloped Allapattah building for $3.6M

Miami /
Mar.March 16, 2016 12:45 PM

Michael Simkins just bought a redeveloped 1930s building in Miami’s Allapattah neighborhood for $3.58 million, records show. The seller was developer Alex Karakhanian.

Lion NW 17th Ave LLC, a Simkins-controlled entity, bought the roughly 27,000-square-foot building at 2247 Northwest 17th Avenue. Karakhanian paid $1.14 million for the 36,643-square-foot plot in 2014, and gut-renovated the building on it for McKenzie Construction and Craft, which operates its office and craft studio from the location and has a long-term lease on the space.

Jonathan Eismann and David Lombardi of Lombardi Properties brokered the deal, which closed Tuesday for just over $130 per square foot.

Simkins, president and CEO of Innovate Miami, is the developer behind a planned 10-acre technology district anchored by his proposed Innovation Tower in Park West, a neighborhood abutting Overtown.

Karakhanian is active in the MiMo neighborhood. He bought the Allapattah property as a long-term hold, but the shifting market, which is attracting tenants priced out of Wynwood, led him to change tack.

Earlier this month, the Rubell family purchased a warehouse in Allapatah at 1101 Northwest 23rd Street for $8.35 million

It “is a budding neighborhood,” Karakhanian told TRD. “It’s growing given the expansion of Wynwood.”

Correction: An earlier version of this story incorrectly identified Michelle Rubell, of the Rubell family, as Michael Simkins’ wife. She is his sister. 


Related Articles

arrow_forward_ios
Avra Jain closes on Hialeah industrial property for entertainment project
Avra Jain closes on Hialeah industrial property for entertainment project
Avra Jain closes on Hialeah industrial property for entertainment project
The property with Jason and Mera Rubell (Getty, Trulia)
Rubells add to Allapattah portfolio with former pork processing facility
Rubells add to Allapattah portfolio with former pork processing facility
1221 Northwest 22 Street in Miami (Google Maps)
Miami investor completes Allapattah assemblage with $5M warehouse purchase
Miami investor completes Allapattah assemblage with $5M warehouse purchase
Ben Mandell, Scott Sherman and Alex Karakhanian with Cube Wynwd (Tricera)
Tricera, Alex Karakhanian buy Redsky’s Cube Wynwd for $28M
Tricera, Alex Karakhanian buy Redsky’s Cube Wynwd for $28M
Ryan Shear and Michael Simkins (VC Consulting)
E11even condo tower planned for downtown Miami reaches 90% of units under contract in two months
E11even condo tower planned for downtown Miami reaches 90% of units under contract in two months
No. 17 Residences with Lissette Calderon (No. 17 Residences)
Lissette Calderon delivers first multifamily project in Allapattah
Lissette Calderon delivers first multifamily project in Allapattah
Ron and Michael Simkins with 7972 Fisher Island Drive, Fisher Island (Innovate, Douglas Elliman)
Simkins brothers sell Fisher Island penthouse for $9M
Simkins brothers sell Fisher Island penthouse for $9M
Renderings of the project with Michael Simkins and Ryan Shear (PMG)
PMG, E11even Partners plan 65-story condo-hotel tower in downtown Miami
PMG, E11even Partners plan 65-story condo-hotel tower in downtown Miami
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...