13th Floor, Wexford and Avra Jain sell building near Design District for $13M
Updated, 10:45 a.m., Oct. 21: 13th Floor Investments, Wexford Capital and Avra Jain sold the Clima Outdoor building near the Miami Design District for $13.4 million to a New York firm.
Records show 3650 Design Plaza LP sold the property at 3650 North Miami Avenue, which sits just south of the Design District near Midtown Miami. An affiliate of Long Island-based Abro Management, controlled by Richard Scharf, is the buyer.
The 17,570-square-foot building sold for $762 per square foot. The showroom and office building, which was renovated in 2012, sits on a 16,400-square-foot lot. Clima, an outdoor furniture store, occupies the ground floor and Alno, a kitchen designer, occupies the second floor.
Records show the building last traded hands in 2013 for $5.48 million when Jain brought in 13th Floor and Wexford, she told The Real Deal. Jain was part of the previous ownership, which gut-renovated the former school building and converted it to a mixed-use building with a 7,800-square-foot rooftop. DB Lewis Architect designed the renovated building.
The selling entity is controlled by Arnaud Karsenti of Miami-based 13th Floor and Arthur Amron of Wexford Capital. Jain, an active investor and developer in MiMo, the Miami River and Little River neighborhoods, was also part of a group of investors that sold the nearby Brown Jordan building earlier this year for $13 million.
The buyer financed the deal with a $7.38 million from New York Community Bank.
The building is technically in Wynwood, and catty corner to the Shops at Midtown. It’s also across the street from the Triptych site, where HES Group and JQ Group of Companies plan to build a 20-story hotel, retail and office project.