Alex Karakhanian buys another building in the Design District

Investor Alex Karakhanian just picked up another building in the Miami Design District.

Karakhanian’s LNDMRK Development paid $5.5 million for the building and lot at 3622 and 3628 Northeast Second Avenue in Miami. Dwntwn Realty Advisors’ Devlin Marinoff, Tony Arellano and Jordan Gimelstein brokered the deal.

The property includes a roughly 4,800-square-foot building on 5,750 square feet of land. Records show the seller is Richard J.S. Green, who acquired the building in 1996 for $220,000.

Interior designer Michael Dawkins has a few years left on his lease, Karakhanian said. Dawkins is the sole tenant of the two-story building.

Karakhanian recently sold the redeveloped building down the street at 3701 Northeast Second Avenue to Stockbridge Capital for $22 million. Milan-based Istituto Marangoni, a fashion and design school, is leasing that property.