Non-Profit Sells Biscayne Boulevard Property For $317 PSF

A building owned by The Center for Independent Living of South Florida, Inc. (CILSF), a non-profit organization run by persons with disabilities for persons with disabilities, has found a new owner for $4.6 million, equating to $317 per square foot.
Janet Crucet and Kristine Flook of Urbanize Properties brokered the sale of the 1960’s-built facility.
CIL of MIA LLC sold the 14,500-square-foot property, located at 6660 Biscayne Blvd. in Miami, to AKORP Development, an entity managed by Alex Karakhanian, who owns ten properties in the area – two that surround the subject property.
 

“Following a discussion with the Center for Independent Living of South Florida regarding some options on alternatives with unused space, selling became the more palpable option, especially considering we had a buyer with an offer in hand,” explained Crucet.  “The deal is a great example of being at the right place at the right time.”

 

Karakhanian added, “This property presented a perfect opportunity to engage in a historically conscious adaptive re-use of the existing structure to better suit the current needs of this growing neighborhood.”

 

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