Remy Jacobson buys Design District church building for $10.5M

Records show it last sold for $500,000 in 1999

Apr.April 20, 2016 05:30 PM

Developer Remy Jacobson just paid $10.5 million for a church fronting North Miami Avenue in the Design District.  

Jacobson, of J Cube Development, bought the 16,000-square-foot property at 4141 North Miami Avenue. Tony Arellano and Tony Cho of Metro 1 represented Jacobson. Arellano, who was the exclusive listing agent, told The Real Deal he had the property on the market for less than a week.

The building, constructed in 1961, sits on a 9,700-square-foot lot. MV Construction & Interiors Group and One Fountainhead Center LLC sold the property, according to a press release. The deal breaks down to about $660 per square foot for the building and $1,082 per square foot for the land.

God’s Storehouse Ministries was a tenant. Property records show the three-story building last sold for $500,000 in 1999. It’s on the same block as the De la Cruz Collection, a contemporary art museum at 23 Northeast 41st Street, and just north of Dacra’s luxury retail properties. Dacra has spearheaded the area’s transformation in recent years. Last fall, Craig Robins said commercial rents are asking about $150 per square foot, blended, for three stories. By the end of 2017,  Dacra will have 120 stores open on its own property, and other property owners will have another 40.

Jacobson recently sold a property in Wynwood for $22 million to real estate investor Sam Herzberg after dropping the asking price to $28 million. His plans for the Design District building were not disclosed.

The co-seller of the church, MV Construction, is in the midst of building a Mediterranean-style mixed-use project across the street at 4136 North Miami Avenue. That project will include a ground floor retail space, office space, a rooftop deck for tenants and events, and underground parking for 26 cars.

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