MV Group sells Design District building for $10M

Property will become a private language immersion school

TRD MIAMI /
Jun.June 29, 2018 04:33 PM

4136 North Miami Avenue

UPDATED, 5:10 p.m., June 29: Developer Manny Varas just sold a newly-built property in the Design District for $10.1 million, a considerable markdown from its listed price.

Perpetual Love Acquisitions LLC, a Delaware company, closed on the Mediterranean-style, three-story building at 4136 North Miami Avenue, said Dwntwn Realty Advisors’ Tony Arellano and David Spitz, who represented the seller.

The 16,900-square-foot building, which was completed in 2017, was on the market for $14 million, meaning it sold for 28 percent less than asking. Rena Kliot of Pulse International Realty represented the all-cash buyer.

Kliot, who declined to identify the buyer, said they plan to open a private language immersion school out of New York to focus on teaching languages such as Mandarin and Spanish. It will be the first school in South Florida for the unnamed foundation, Kliot said.

Varas previously said he bought the 9,400-square-foot development site with investors in 1999 for $500,000.

The $6 million construction project was partially financed with a $3.5 million construction loan.

Retail tenants in the Design District include Hermès, Louis Vuitton, Christian Dior, Bulgari and Prada. Developer Craig Robins of Dacra has led the neighborhood’s transformation into a luxury shopping district. 


Related Articles

arrow_forward_ios

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

Miami Design District (Credit: Miami Design District)

The Weekly Dish: Robuchon restaurants set Miami opening dates, new restaurants planned for MiMo & more

South Florida firm, partner acquire Tampa office building for $29.4M

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

Power restored after blackout envelopes West Side of Manhattan

arrow_forward_ios