Alex Karakhanian sells Miami Design District retail building for $8M
Property fully leased to Kitchens by Studio Kaza furniture and interior accessories showroom
Alex Karakhanian’s Lndmrk Development sold a fully leased Miami Design District retail showroom for $8.5 million.
Investor Glenn Braswell Jr. bought the 4,500-square-foot building at 3740 Northeast Second Avenue. Kitchens by Studio Kaza, the local operating partner of Brazil-based furniture manufacturer Kitchens, leases the building, according to the broker’s news release.
Tony Arellano and Devlin Marinoff of Dwntwn Realty Advisors represented the seller, and the brokerage’s Max Loria represented Braswell.
The one-story building was constructed in 1951 on just over 0.1 acres, property records show.
Karakhanian, through his Lndmrk, is a hefty investor in the Miami Design District. The company, through affiliates, bought the 3740 Northeast Second Avenue building in 2017 for $5.9 million. Dwntwn Realty ‘s Arellano and Marinoff represented the seller in that deal, as well.
Karakhanian also redeveloped the adjacent, seven-story property and sold it for $22 million in 2017 to Stockbridge Capital.
The Miami Design District is a hub for luxury retailers and restaurants. The redevelopment of the area, which is just north of Midtown Miami, was spearheaded by Craig Robins’s Dacra.
The district is in line to get its first new office building. A partnership between Dacra, L Catterton Real Estate and Brookfield Properties plan The Ursa at 30 Northeast 39th Street. The 15-story project will have about 180,000 square feet of office space on 10 stories, ground-floor retail, and a rooftop garden deck.