Alex Karakhanian pays $6M for Miami Design District building

Tile manufacturer Bisazza sold the corner retail building

TRD MIAMI /
Aug.August 24, 2017 03:45 PM

3700 Northeast Second Avenue

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
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

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

Miami Design District (Credit: Miami Design District)

The Weekly Dish: Robuchon restaurants set Miami opening dates, new restaurants planned for MiMo & more

South Florida firm, partner acquire Tampa office building for $29.4M

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

arrow_forward_ios