Alex Karakhanian pays $6M for Miami Design District building
Tile manufacturer Bisazza sold the corner retail building
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.