DWNTWN Realty Advisors Closes Another High-Profile Deal In Miami’s Design District
DWNTWN Realty Advisors completed the $8.45 million sale of a flagship Design District retail showroom occupied by luxury brand Kitchens by Studio Kaza.
The firm brokered both sides of the March 15 transaction, with DWNTWN Co-Founders and Managing Partners Tony Arellano P.A. and Devlin Marinoff representing the seller, LNDMRK Development, and DWNTWN Executive Max Loria representing the buyer, Glenn Braswell, Jr.
The 3740 NE Second Ave. property includes a freestanding building with 4,500 square feet of retail space on 5,520 square feet of land on a well-located hard corner. Located on Northeast Second Avenue, known as Design Row, Kitchens joins a world-class roster of design furniture and home good tenants.
Arellano and Marinoff have brokered previous sales of the building. The new sale marks the third time the brokers sold the same corner over a 10-year period. Arellano and DWNTWN Executive Joe Fernandez also previously represented the landlord in the lease to Kitchens.
“This successful transaction showcases DWNTWN’s creativity in executing a dynamic marketing campaign that yielded tremendous interest in the property, while also securing the right buyer for the deal,” Arellano said. “Coming out of the pandemic, the value of Design District real estate has never been higher. That is driving demand to historic levels.”
This is the first stabilized NNN asset sold within the core of the Miami Design District, post the major redevelopment.
Led by Alex Karakhanian, LNDMRK has been one of the Design District’s most active investors over the past decade. The firm acquired the 3740 NE Second Ave. property in 2017. The developer owns several Highstreet buildings within the neighborhood and has also developed close to a dozen projects there.
Based in Brazil, Kitchens has a 56-year history as a pioneer in the manufacturing of custom cabinets for kitchens, pantries, laundry rooms and bathrooms. It recently added a Kitchens Occasions line of custom bedroom cabinetry and accessories. Studio Kaza is the retailer’s local operating partner as one of the top companies offering integrated solutions in the field of home décor.
“This asset has a strong tenant in place and immediate highway access,” Marinoff said. “It would be a jewel in any investor’s portfolio. Our additional Design District investment sales offerings are generating offers from around the world.”
Arellano and Marinoff have also played a pivotal role in the district’s evolution. Over the last seven years, the duo has completed 22 sale transactions totaling more than $250 million in the neighborhood’s four-block pedestrian core. These sales represent most of the district transactions not involving Dacra’s assemblage, filling the gaps around the district’s core and making DWNTWN the neighborhood’s market leaders.
DWNTWN is also consistently bringing prominent luxury retailers to the neighborhood, including recent leases with high-end Dutch furniture and home accessories brand Eichholtz and iconic Swiss watch manufacturer Breitling.
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