Alex Karakhanian buys dry cleaners building in MiMo for $1.5M

Miami /
Sep.September 13, 2016 09:50 AM

MiMo developer Alex Karakhanian paid $1.47 million to buy a corner lot on Biscayne Boulevard and 61st Street. 

Karakhanian bought the Cleanway Cleaners building with plans to eventually redevelop the site into either retail or a restaurant, he told The Real Deal.

The 2,152-square-foot building, at 6100 Biscayne Boulevard, sits on a 12,679-square-foot lot in the MiMo district, which stretches from 50th Street to 77th Street. Karakhanian said the property would be perfect for a juice bar, cafe or other kind of restaurant, and that it has 20 parking spots, or 10 per 1,000 square feet. Built in 1963, the site is around the corner from the Cushman School, a private pre-K-8 school.

Ghazala Amjad sold the building, property records show. Urbanize Properties president Janet Crucet and director of sales Kristine Flook brokered the off-market deal, which took about six months to close. It traded for $683 per square foot for the building and $116 per square foot for the land.

Amjad paid $130,000 for the property in 1993.

Karakhanian, who owns more than 10 sites along Biscayne Boulevard, said he’s still actively looking for more real estate in MiMo, but that there are few buildings that haven’t traded or that are not on the market. “The truth is we’re kind of running out of space,” he told TRD.

Karakhanian developed and sold a retail building on 64th Street, slated to house Panther Coffee, in May for $6.7 million after buying the land in 2012 for $1.2 million. Around the same time, the Chevron gas station and cafe sold to a partnership of developers for $5.15 million – one block south of Cleanway Cleaners.


Related Articles

arrow_forward_ios
Brick & Timber's Jesse Feldman and Glenn Gilmore, Tricera Capital's Ben Mandell, and Lndmrk Development's Alex Karakhanian with Cube Wynwd (Brick & Timber, LinkedIn, Tricera, Lndmrk Development, Getty Images)
Brick & Timber to buy Cube Wynwd office building for $60M
Brick & Timber to buy Cube Wynwd office building for $60M
Tonino Doino and Peter Saliamonas with Jimmy’s Eastside Diner
Jimmy’s Eastside Diner, featured in “Moonlight,” has a new owner
Jimmy’s Eastside Diner, featured in “Moonlight,” has a new owner
From left: David Huke, Alex Karakhanian, and Abraham Hidary with 1601 North Miami Avenue (LoopNet, Hidrock Properties, LNDMRK Development)
Hidrock Properties partners with Alex Karakhanian on Miami A&E dev site
Hidrock Properties partners with Alex Karakhanian on Miami A&E dev site
From left: David Edelstein, Alex Karakhanian and Victor Ballestas in front of the property at 3601 North Miami Avenue (Lndmrk Development, Tricap, Integra Investments, LoopNet)
David Edelstein, partners buy Design District dev site, plan office tower
David Edelstein, partners buy Design District dev site, plan office tower
Forte Capital flips Wynwood property for 75% gain in 3 months
Forte Capital flips Wynwood property for 75% gain in 3 months
Forte Capital flips Wynwood property for 75% gain in 3 months
Alex Karakhanian in front of 3740 Northeast Second Avenue (Lndmrk Development, Dwntwn Realty Advisors)
Alex Karakhanian sells Miami Design District retail building for $8M
Alex Karakhanian sells Miami Design District retail building for $8M
Alex Karakhanian buys multifamily development site north of downtown Miami
Alex Karakhanian buys multifamily development site north of downtown Miami
Alex Karakhanian buys multifamily development site north of downtown Miami
From left to right: David Edelstein, Nick Perez, Alex Karakhanian, Scott Sherman and Ben Mandell with the location (Google Maps, Related, Getty)
David Edelstein, Related and partners plan resi project on former RedSky property in Wynwood
David Edelstein, Related and partners plan resi project on former RedSky property in Wynwood
arrow_forward_ios

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

Loading...