Alex Karakhanian sells Wynwood property for $17M

Karakhanian paid $12.2M for the building in 2018

Miami /
Jun.June 23, 2020 12:30 PM
Alex Karakhanian and Chaim Cahane with 48 Northwest 25th Street

Alex Karakhanian and Chaim Cahane with 48 Northwest 25th Street

Developer Alex Karakhanian sold a Wynwood building leased to Revlon and Scripps Network for $17 million.

Karakhanian’s 3704 NE 2nd Ave LLC, a 90.1 percent owner, and Chaim Cahane’s FCM 48 NW 25 LLC, a 9.9 percent owner, sold the 20,730-square-foot office and retail building at 48 Northwest 25th Street in Miami. Property records show the buyer is 3 CI Holdings LLLP, an entity managed by Catherine DeFrancesco. It sold for $820 per square foot.

DeFrancesco owns Sol Yoga, another tenant in the Wynwood building. Shorecrest Construction also leases space in the building.

Chemtov Mortgage Group provided the buyer with a $6.7 million loan, according to property records. Sol Yoga, a yoga studio, has locations in Miami and Fort Lauderdale.

The building sits on a 0.8-acre lot, and it previously traded for $12.2 million in 2018. Companies tied to Cahane sold the property to Karakhanian’s Lndmrk Development at that time, with Cahane holding onto a minority stake.

Last year, Karakhanian partnered with Related Group and Tricera Capital to purchase a 2.1-acre site at 2801 Northwest Third Avenue in Wynwood, where they’re planning to build W28, a mixed-use co-living project with W5 Group.

Related, which has a few projects planned or underway in Wynwood, recently closed on another development site at North Miami Avenue and Northwest 22nd Street for $18.5 million.


Related Articles

arrow_forward_ios
UOVO Founder Steven Guttman (UOVO)
UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
Chef Jorge Kauam and 310 Northwest 25th Street 
Investors team up with pastry chef and chocolatier for planned Wynwood market
Investors team up with pastry chef and chocolatier for planned Wynwood market
RedSky Capital’s Benjamin Bernstein and 2159 Northwest First Court (Redsky, Google Maps, iStock)
Fisher Brothers pays $18M for Wynwood assemblage owned by RedSky venture
Fisher Brothers pays $18M for Wynwood assemblage owned by RedSky venture
Asi Cymbal and 3466 North Miami Avenue (Cymbal)
Dev site with retail-office building in Wynwood Norte hits market for $25M
Dev site with retail-office building in Wynwood Norte hits market for $25M
Ben Mandell, Scott Sherman and Alex Karakhanian with Cube Wynwd (Tricera)
Tricera, Alex Karakhanian buy Redsky’s Cube Wynwd for $28M
Tricera, Alex Karakhanian buy Redsky’s Cube Wynwd for $28M
60 Northeast 27th Street with David Barry (Google Maps)
Ironstate pays $16M for Wynwood site, marking first property in Miami
Ironstate pays $16M for Wynwood site, marking first property in Miami
The Miami City Commission last week unanimously approved the Wynwood Norte Neighborhood Revitalization District. (Rendering via Plusurbia)
Wynwood Norte plan aims to spur new affordable housing development
Wynwood Norte plan aims to spur new affordable housing development
Keith Rabois and Peter Thiel with Wynwood Annex (Getty, Dwntwn Realty Advisors)
Founders Fund, Atomic and OpenStore ink long-term leases in Wynwood
Founders Fund, Atomic and OpenStore ink long-term leases in Wynwood
arrow_forward_ios

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

Loading...