MV Group sells Design District building for $10M
Developer Manny Varas just sold a newly-built property in the Design District for $10.1 million, a considerable markdown from its listed price.
Perpetual Love Acquisitions LLC, a Delaware company, closed on the Mediterranean-style, three-story building at 4136 North Miami Avenue, said Dwntwn Realty Advisors’ Tony Arellano and David Spitz, who represented the seller. The building will be used as office space, Arellano said.
The 16,900-square-foot building, which was completed in 2017, was on the market for $14 million, meaning it sold for 28 less than asking. Rena Kliot of Pulse International Realty represented the all-cash buyer. Kliot could not immediately be reached for comment.
Varas previously said he bought the 9,400-square-foot development site with investors in 1999 for $500,000.
The $6 million construction project was partially financed with a $3.5 million construction loan.
Retail tenants in the Design District include Hermès, Louis Vuitton, Christian Dior, Bulgari and Prada. Developer Craig Robins of Dacra has led the neighborhood’s transformation into a luxury shopping district.
Source: The Real Deal