Alex Karakhanian sells Wynwood property for $17M

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June 24, 2020
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As reported in The Real Deal.

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.