Sales  ·  Commercial

LNDMRK Sells Retail Property Near Miami Design District for $9M

reprints


Alex Karakhanian’s LNDMRK Development has sold a retail building near the Miami Design District for $8.5 million, according to brokerage DWNTWN Realty Advisors, which represented both sides in the transaction.

The one-story property, currently leased to luxury furniture purveyor Kitchens by Studio Kaza, spans 4,431 square feet. 

SEE ALSO: Black Lion’s Robert Rivani Buys Miami Beach Office for $63M, Plans $50M Renovation

It’s the first commercial real estate acquisition for the buyer, private investor Glenn Braswell Jr., whose Instagram page portrays a love of luxury clothing and cars.  

Following the sale, Kitchens by Studio Kaza will remain a tenant.

Located at 3740 NE Second Avenue, the building sits alongside other furniture showrooms on what’s known as Design Row, just south of Dacra’s Design District retail complex. Along NE Second Avenue, luxury furniture manufacturer Eichholtz signed an 11,882-square-foot lease last month. 

LNDMRK Development paid $5.9 million in 2017 for the freestanding property, built in 1951, property records show. The firm is active in nearby Wynwood, where last month it nabbed Blockchain.com as a tenant.  

DWNTWN’s Tony Arellano and Devlin Marinoff represented the seller, while Max Loria, also from DWNTWN, represented the buyer.

Julia Echikson can be reached at jsechikson@commercialobserver.com