Alex Karakhanian picks up Miami Design District building

It's next to DASH and Luminaire

May.May 17, 2019 02:30 PM
3921 Northeast Second Avenue and Alex Karakhanian

3921 Northeast Second Avenue and Alex Karakhanian

Investor and developer Alex Karakhanian closed on another property in the Miami Design District.

A partnership led by Karakhanian paid $12 million, or $1,445 per foot, for the 8,304-square-foot building at 3921 to 3925 Northeast Second Avenue, he said. Rammos HoldCo Inc., led by Bill Rammos, sold the lots, which total 9,240 square feet of land. Rammos will remain a partner in the property.

Tony Arellano and Devlin Marinoff of Dwntwn Realty Advisors brokered the off-market sale.

Karakhanian plans to lease the building to a showroom, gallery or pop-up retailer “given the existing structure has high ceilings and an open floor plan,” he said.

The building is sandwiched between the Design and Architecture Senior High School and a corner retail building leased to Luminaire.

Property records show the building was built between 1945 and 1951 and last sold for a combined $365,000 in the early 1990s.

Karakhanian has been active in the Design District and Midtown. Last year, he paid $5.5 million for the nearby building at 3622 and 3628 Northeast Second Avenue.

He’s also planning to build a mixed-use hotel at 51 Northwest 29th Street in Wynwood with Wynwood Investment Partners. That project calls for a 12-story hotel with more than 300,000 square feet of space, a 60,000-square-foot Class A office component and 20,000 square feet of ground-floor retail.

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