Alex Karakhanian pays $6M for Miami Design District building

Tile manufacturer Bisazza sold the corner retail building

Miami /
Aug.August 24, 2017 03:45 PM

Miami developer Alex Karakhanian paid $5.87 million for a building next to a project he recently completed in the Miami Design District.

It traded hands for $1,305 per square foot, nearly double its previous sale in 2013.

Property records show Bisazza North America Inc. sold the building at 3720 Northeast Second Avenue to three entities controlled by attorney Jeffrey C. Roth. Karakhanian’s LNDMRK Development acquired the 4,500-square-foot building in an off-market deal, according to a press release.

Karakhanian hired Metro 1 Commercial and Whitehall Realty Group to lease the building as is or as a new, built-to-suit project of up to 10,000 square feet. Tony Arellano of Metro 1 and Devlin Marinoff of Whitehall represented the buyer, and Kris Wagner of Keyes Co. and Larry Stockton of Colliers International Realty represented the seller.

Records show Bisazza, led by treasurer William Sillart, paid $3 million for the corner building in 2013. It sits on a 5,250-square-foot lot was built in 1951.

Bisazza, a manufacturer of glass mosaic for interior and outdoor decorations, also sold the adjacent property at 3700 Northeast Second Avenue to Karakhanian in 2012. The tile contractor moved its headquarters to Doral.

Karakhanian redeveloped the adjacent property into a 22,000-square-foot, seven-story building and inked a $13.5 million, 10-year lease with Istituto Marangoni, a Milan-based fashion school.

Other new tenants to the southeast area of the Design District include Brown Jordan, Sub Zero, Luminaire and Boffi.

The Design District is in the midst of a transformation into a luxury shopping, dining and cultural destination, spearheaded by Craig Robins, president and CEO of Dacra. It will ultimately include more than 120 stores and at least 15 restaurants, as well as hotels, museums and other cultural offerings.


Related Articles

arrow_forward_ios
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
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
Alex Karakhanian and Chaim Cahane with 48 Northwest 25th Street
Alex Karakhanian sells Wynwood property for $17M
Alex Karakhanian sells Wynwood property for $17M
Remy Jacobson, Jean-Marc Jacobson, 4141 North Miami Avenue (Credit: Google Maps and REALTOKEN)
Remy Jacobson allegedly in default on Design District loan: lawsuit
Remy Jacobson allegedly in default on Design District loan: lawsuit
Inside South Florida’s mall, retail and restaurant reopenings
Inside South Florida’s mall, retail and restaurant reopenings
Inside South Florida’s mall, retail and restaurant reopenings
arrow_forward_ios

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

Loading...