Unknown Partnership Acquires 3921 NE 2nd Ave Miami For $12 Million With Seller's Rep Devlin Marinoff

The property asset involved in the transaction is located at 3921 NE 2nd Ave, Miami, FL, 33137. The building encompasses 8,304 square feet and was sold for $12,000,000. The property is situated in the Miami market and features a combination of high ceilings and an open floor plan, ideal for potential leasing as a showroom, gallery, or a pop-up retailer. The building is positioned between the Design and Architecture Senior High School and retail building leased to Luminaire.

Summary of transaction details:

• Property Type: Commercial Building
• Transaction Amount: $12,000,000.00
• Address: 3921 NE 2nd Ave, Miami, FL, 33137
• Square Footage: 8,304
• Seller's Representative: Devlin Marinoff (DWNTWN Realty Advisors)
• Buyer: Unknown Partnership
• Land Area: 9,240 square feet
• Previous Sale Price: $365,000 in the early 1990s
• Property Developer: Alex Karakhanian
• Additional Partner in Property: Bill Rammos
• Brokerage: Tony Arellano and Devlin Marinoff of Dwntwn Realty Advisors

Key individuals in the transaction include Alex Karakhanian, who is the investor and developer leading the partnership that purchased the property. Bill Rammos, who sold the property, will retain a partnership interest in the asset. The transaction was facilitated by brokers Tony Arellano and Devlin Marinoff, representing the seller. Karakhanian has been actively investing in the Design District and Midtown areas, with notable previous transactions including a $5.5 million acquisition of a nearby building last year.