Michael Simkins buys redeveloped Allapattah building for $3.6M

MiMo developer Alex Karakhanian bought the building in 2014 for $1.14M

TRD 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
Marcus Samuelsson and exterior shot of Red Rooster construction (Credit: Getty Images)

Marcus Samuelsson’s Red Rooster Overtown restaurant is almost ready

From left: Jon Paul Perez, Alex Karakhanian, Tony Arellano and Devlin Marinoff over the site (Credit: Google Maps)

Related Group, Alex Karakhanian and partners drop $32M on Wynwood site

Alex Karakhanian, Chaim Cahane, and 45 Northeast 41st Street

Investors under contract to buy Opportunity Zone property in the Design District

Lissette Calderon and a rendering of the project (Credit: Sonya Revell)

Lissette Calderon closes on land for second Allapattah project

Allapattah 17 and Lissette Calderon

Lissette Calderon scores $24M construction loan for Allapattah apartments

Spencer Waxman and Bank of America Center in Allapattah (Credit: Getty Images, Google Maps)

Hedge funder bets on Allapattah with Opportunity Zone site purchase

The Allapattah properties and Miami Mayor Francis Suarez (Credit: CBRE, Getty Images)

Make me an offer I can’t refuse: city of Miami seeks proposals for Allapattah site

Lissette Calderon and a rendering of the project (Credit: Sonya Revell)

Lissette Calderon plans second apartment project in Allapattah

arrow_forward_ios