An affiliate of BH3 just bought the LGD Communications building at the entrance of the Miami Design District for $6.1 million, property records show.
The entity, 3819 NMA Sub LLC, managed by Jarrett Freedman, bought the 5,093-square-foot building at 3817 and 3819 North Miami Avenue for about $1,197 per square foot.
The principle of LGD Communications, Leonard Dugow, sold the building. Records show a company led by Dugow first bought the building in 2003 for $1 million. Dugow later transferred the building to his name in 2009 for $1.3 million.
Built in 1924, the LGD Communications building sits on a 5,760-square-foot lot. In March, BH3 bought the neighboring building at 3801 and 3811 North Miami Avenue for $9 million.
BH3 principal Daniel Lebensohn said via text that the parties involved are exploring various possibilities for a mixed-use project on the site. He gave the example of a retail showroom or high-end office space.
“At present our commercial tenants remain and no immediate plans are in effect,” he wrote.
Once completed, by the end of 2018, the Design District feature about 120 stores and at least 15 eateries in the neighborhood. Currently nearby stores include Hermès, Tiffany & Co., Louis Vuitton and Dior.
The Design District is broadly defined as the area from Biscayne Boulevard to North Miami Avenue, and from the north side of 36th Street to 42nd Street, with the center the Paseo Ponti and First Avenue.
In May, Aventura-based BH3 paid $13.5 million for a six-story, beachfront hotel in Hillsboro Beach with plans to renovate the property.