THE REAL DEAL 5.31.16
A partnership between Michael Comras and Forte Capital Management’s Chaim Cahane paid $6.125 million for a retail building in Miami’s MiMo district, The Real Deal has learned.
The property is occupied by Michelle Bernstein’s Cena by Michy, as well as a Kumon tutoring center, salon and herb shop.
Cena by Michy opened last year in Bernstein’s former Michy’s space.
Alex Karakhanian, an active investor and developer in MiMo, sold the two-story, 12,500-square-foot building at 6925 Biscayne Boulevard. The off-market deal does not include TDRs, or transferable development rights, Karakhanian told TRD.
Property records show the 29,000-square-foot plot last sold out of foreclosure in 2013 for about $2 million. It was developed between 1947 and 1954.
Earlier this month, Karakhanian sold the Panther Coffee building at 6405 Biscayne Boulevard for $6.7 million. He previously told TRD that there is still land available for developers in MiMo, which defines its borders as between the 50th and 77th streets along the boulevard.
Trina Turk and Mr. Turk were among the first upscale retailers to lease space in the district. The two shops are now building out their space at 7200 Biscayne Boulevard. Designer Julian Chang has opened his retail store at 6669 Biscayne Boulevard, and designers Angel Sanchez and Christopher Coleman plan to open a showroom and studio at 7521 Biscayne Boulevard.