MiMo developer Alex Karakhanian sold a new retail building, MiMo Place – the future home to Panther Coffee, the Home Design Center of Florida and ‘O Munaciello Pizzeria – for $6.7 million to Key Biscayne investors in an off-market deal.
Trifecta MiMo Place LLC, an entity that lists a Key Biscayne home owned by Nelson Calle and Ana Maria Caballero, is the buyer. Records show the couple is linked to the selling entity of the former Matheson estate in Key Biscayne, which sold in December for a record $47 million.
Karakhanian told The Real Deal that interior construction is still underway at 6405 Biscayne Boulevard, which includes a parking lot in the rear. The MiMo developer said the retail project is fully leased to tenants that also include a clothing store and an accessory and gift store.
The new 7,800-square-foot retail building sits on a 14,975-square-foot plot on the corner of 64th Street and Biscayne Boulevard. It’s catty-corner to a new drive-thru Starbucks. Panther Coffee, which was set to open last year, has been delayed due to a water main issue, Karakhanian said. He expects tenants to begin opening as early as two months from now.
“The sale was just motivated by good timing,” Karakhanian told TRD of the off-market deal. Property records show he paid $1.2 million for the land in 2012.
Chris Lentz, managing director of the Ackman-Ziff Real Estate Group, represented the buyer.
On Thursday, the gas station and cafe two blocks down sold to a pair of investors for $5.15 million. The neighborhood, between the 50th and 77th streets along the boulevard, has seen its fair share of redevelopment, new retail, restaurants, office space and hotels.
Karakhanian, who owns more property along the Biscayne corridor, said there is still “empty land and dilapidated space” available for developers in MiMo. He’s in the midst of wrapping up a new retail building at 7541 Biscayne Boulevard and will begin on a 7,000-square-foot retail project designed by Shulman + Associates. “We’re really trying to activate all of the spaces,” Karakhanian said.
Chariff Realty Group handled leasing for the Panther building, as well as the projects mentioned above.