Pura Vida-Leased Retail Property in South MIami Sells for $10M
By Julia Echikson October 16, 2023 12:47 pm
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Alex Karakhanian of Lndmrk Development sold a Pura Vida-leased retail property in South Miami for $10.1 million.
Called Fox’s Plaza, the complex holds three retail buildings totaling 10,815 square feet, located between 6030 and 6010 S Dixie Highway.
The buyers are members of the Turkish Özderici family, state corporate records show. Ahmed, Ali and Besime Özderici, who could not be reached for comment, also sit on board of New York-based energy provider Solar Apex Solar Systems, per their Linkedin profiles.
Besides Pura Vida, which has become a popular all-day cafe chain in South Florida, tenants at Fox’s Plaza include The Salty Donut bakery, Fox’s Sherron Inn restaurant and Skin Spa NY, which is scheduled to open next year. Only one 650-square-foot space remains vacant, according to Dwntwn Realty Advisors, which represented the seller.
The property boasts a net operating income of $586,287 and cap rate of 5.58 percent, per the property’s marketing materials. The new leases are scheduled to expire in 2031 and 2032, except for Salty Donut, whose deal will end in 2024.
Karakhanian, a prominent Miami developer and investor, purchased a 48,530-square-foot lot for $7.5 million in 2016, though he sold off a 31,000-square-foot rear parcel for $2 million in 2018, according to property records.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Update: The article was amended to include the sale of the rear parcel.
