Karakhanian sells Design District building

Stockbridge Capital paid $1,000 psf for Istituto Marangoni’s building

Miami /
Dec.December 19, 2017 10:35 AM

Alex Karakhanian and 3701 Northeast Second Avenue (Credit: Lndmrk Development)

Developer Alex Karakhanian sold a building housing an international fashion school in the Miami Design District to Stockbridge Capital for $22 million.

Karakhanian’s Lndmrk Development sold the property at 3701 Northeast Second Avenue for $1,000 per square foot, according to a press release.

Milan-based Istituto Marangoni is leasing the 22,000-square-foot, seven-story building. The fashion school, which has other locations in Florence, Paris, London and Shanghai, signed a $13.5 million, 10-year lease earlier this year.

Metro 1 Commercial’s Tony Arellano and Whitehall Realty’s Devlin Marinoff represented Karakhanian, while Stefano Santoro of Whitehall Realty brought the buyer. Karakhanian said he wasn’t planning on selling the property, but that the deal will allow him to buy other sites in Miami’s urban core.

The building, designed by Shulman + Associates, sits near the southeast entrance to the Design District. Developer Craig Robins recently completed phase two of the high-end shopping district, which includes Rag & Bone, Gucci, Dolce & Gabbana, Estefan Kitchen and more.

In August, Karakhanian paid $5.87 million for the building next door to Istituto Marangoni, which was not included in the sale to Stockbridge Capital. He said he’s in talks with high-end fashion and furniture design tenants for that building.


Related Articles

arrow_forward_ios
Brick & Timber's Jesse Feldman and Glenn Gilmore, Tricera Capital's Ben Mandell, and Lndmrk Development's Alex Karakhanian with Cube Wynwd (Brick & Timber, LinkedIn, Tricera, Lndmrk Development, Getty Images)
Brick & Timber to buy Cube Wynwd office building for $60M
Brick & Timber to buy Cube Wynwd office building for $60M
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
From left: David Huke, Alex Karakhanian, and Abraham Hidary with 1601 North Miami Avenue (LoopNet, Hidrock Properties, LNDMRK Development)
Hidrock Properties partners with Alex Karakhanian on Miami A&E dev site
Hidrock Properties partners with Alex Karakhanian on Miami A&E dev site
From left: David Edelstein, Alex Karakhanian and Victor Ballestas in front of the property at 3601 North Miami Avenue (Lndmrk Development, Tricap, Integra Investments, LoopNet)
David Edelstein, partners buy Design District dev site, plan office tower
David Edelstein, partners buy Design District dev site, plan office tower
Forte Capital flips Wynwood property for 75% gain in 3 months
Forte Capital flips Wynwood property for 75% gain in 3 months
Forte Capital flips Wynwood property for 75% gain in 3 months
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Alex Karakhanian in front of 3740 Northeast Second Avenue (Lndmrk Development, Dwntwn Realty Advisors)
Alex Karakhanian sells Miami Design District retail building for $8M
Alex Karakhanian sells Miami Design District retail building for $8M
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
arrow_forward_ios

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

Loading...