The Real Deal Miami

Alex Karakhanian buys Wynwood building leased to GoPro, Scripps Network

Forte Capital Management sold the building for $590 psf
By Katherine Kallergis | May 25, 2018 11:30AM

48 Northwest 25th Street and Alex Karakhanian

Alex Karakhanian’s Lndmrk Development paid $12.2 million for a commercial property in Wynwood.

Property records show Forte Capital Management affiliate New Wynwood 25 and other companies tied to Forte’s Chaim Cahane sold the 20,730-square-foot office and retail building at 48 Northwest 25th Street for nearly $590 per square foot.

It last sold for $5.3 million in 2013, according to property records. Forte renovated the building, which was completed in 1981, and fully leased it to GoPro, Scripps Network, Revlon, Shorecrest Construction, Sol Yoga and OneClick.

Karakhanian said he plans to hold onto the 0.8-acre property. The majority of the building is leased at about $45 per square foot, triple net, and below. “Space on that street is beginning to lease for upwards of $70 and $80 [per square foot],” Karakhanian said.

Other property owners on 25th Street include companies tied to the Miculitzki family and David Edelstein.

In the Karakhanian deal, Scott Sandelin and Jonathan De La Rosa of Marcus & Millichap represented the seller. Sandelin, De La Rosa and Doc Tepper of Forte brought the buyer.

Karakhanian’s company recently paid $5.5 million for a property in the Miami Design District.