The Real Deal: Tricera Capital and Alex Karakhanian pay $2.8M for Design District development site

July 24, 2017

Tricera Capital and investor Alex Karakhanian just paid $2.8 million for a site in the Miami Design District where they plan to develop a retail building, Tricera’s co-founders Ben Mandell and Scott Sherman told The Real Deal.

Tricera and Karakhanian’s LNDMRK Development bought the property at 4112 Northeast First Avenue for $609 per square foot for the land. The 4,600-square-foot site currently houses a 2,100-square-foot building built in 1937 that will be torn down.

Mandell said the plan is to build a three-story, 9,000-square-foot retail building on the site. Already, the partners have secured a high-end bridal boutique to lease the two top floors, though they declined to disclose the name of the retailer or the lease terms. They said they are marketing the 3,000-square-foot ground floor retail space for an upscale restaurant like Nespresso or a luxury retailer.

Read the full article at The Real Deal