Beverly Hills-based jeweler Ildico picked up a retail building in the Miami Design District for $35 million.
An entity managed by Ildico CFO Mikhail Cohen bought the two-story, 9445-square-foot storefront at 3800 Northeast Second Avenue, records and real estate database Vizzda show. The deal breaks down to $3,701 a square foot.
Tony Arellano and Devlin Marinoff with Dwntwn Realty Advisors handled the off-market sale on behalf of the seller, an entity managed by real estate investor Sam Herzberg, David Herzberg and Richard Do.
Herzberg and his partners paid $11.4 million for the corner property in 2015, records show. The building was completed in 1926. Tenants include hardwood flooring company Listone Giordano and luxury clothing retailers L’Atellier Paris Haute Design and CNCPTS Miami.
Ildico’s new property is near a development site where Miami Design District’s largest landowner and partners are planning a 20-story multifamily tower. Last month, Miami Design District Associates, Hunter Pasteur and The Forbes Company landed a $125 million loan to build Cassi, a 107-unit apartment building with 23,000 square feet of retail at 91-93 Northeast 36th Street.
Miami Design District Associates is a joint venture between Craig Robins’ Miami-based Dacra, Greenwich, Connecticut-based L Catterton Real Estate and New York-based Brookfield Properties. L Catteron is a subsidiary of global fashion conglomerate LVMH.
The partnership owns the most acreage in Miami Design District, and has transformed the neighborhood into a luxury fashion, arts and culinary destination. Louis Vuitton, Valentino, Saint Laurent and Gucci are among the high-fashion brands that have flagship stores in the Miami Design District.
Last year, Miami Design District Associates dropped $14 million and $18 million, respectively, in separate purchases for two retail buildings in the neighborhood. The Gindi family’s New York-based ASG Equities sold the properties.
The deals were also handled by Dwntwn Realty Advisors, which has brokered the sale of 40 buildings in Miami Design District in the past 15 years, Arellano said.
