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Developer Alex Karakhanian acquired one in Miami’s arts and entertainment district for about $15 million, The Real Deal learned.
A partnership led through Karakhanian’s Lndmrk Development acquired the assets at 1635 North Miami Avenue, Karakhanian confirmed.
Records show that JRSY Limited, run through Steven Gombinksi, sold the 0. 9-acre site. It is home to Elev8tion Fitness and The Temple of Boxing Boxing. Gombinski runs the family business circle, Gombinski Properties, which owns genuine property on Lincoln Road in Miami Beach.
Miguel Pinto of Apex Capital Realty represented the customer and Samuel Heskiel represented the dealer in the off-market transaction. The assets were sold for $14. 8 million.
The site, in a federally designated opportunity zone, is divided into zones for a tower of up to floors and about 500 sets consistent with acre, Pinto said. The deal has been in progress since the summer.
Karakhanian, who has been an active investor in Wynwood and the Miami Design District, said he financed the acquisition with a loan from City National Bank, arranged through Patrick Khoury Bank, amounting to between $5. 9 million and $7. 4 million.
The 17,616-square-foot construction built in 1920 and expanded in 1988 and 1991, records show.
“For now, it will still be a gym, but later the site will be zoned for 500 games according to the acre, and once the time is right, we will probably continue with a multifamily or multifamily progression and allocation there,” Karakhanian said.
The density, length of the land and location appealed to him, and a Metromover site is planned nearby, he added. The city of Miami also has a small islet adjacent to the site that may be just a park.
Pinto said the transaction frenzy that began with residential sales has spread to the advertising market. Auction wars are not unusual and buyers bid after doing little or no due diligence.
The site is south of Filling Station Lofts and surrounded by new apartment towers, adding Square Station Apartments and Miami Plaza from the Melo Group.
Melo also recently closed some other progression closings at 1301 North Miami Avenue for $16. 5 million.
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