ANOTHER DONE DEAL! SOLD!
Design District's Power Studios Building Bought For $8M

3711 NE 2nd Ave Miami Design District. Commercial building 6,951 Sq. ft building on 11,336 Sq. Ft lot $1,150.91 per Sq Ft. A Chariff Partnership happens to also be the Buyer of this property. We are making things happen in the Design District. Call us if your a buyer or seller or just looking to Lease space. We get the job done.

The Power Studios building in Miami's Design District sold Wednesday for $8 million.

Wallack Real Estate Investments LLC sold the 3711 NE Second Ave. property to 3711 NE Second Avenue LLC, according to a statement from brokerage Metro 1 Properties Inc. The buyer is a partnership led by Chariff Realty Group Inc., which plans to build a 19,000-square-foot retail building on the 0.26-acre property.

Chariff president Lyle Chariff said in a Wednesday interview that his company has hired the Coral Gables-based architectural firm Touzet Studio Inc. to design the new building.

"We're finding that rents in the core of the district have exceeded $200 a square foot, so we're purchasing buildings on what is technically the perimeter of the district," Chariff said. But "we see it as the gateway entrance to the district. We will be able to offer rents at 50 percent less than what is being offered in the core."

Chariff noted his company remains in "buy mode" when it comes to district properties with the potential for added value.

Metro 1 CEO Tony Cho and commercial sales director Tony Arellano represented Wallack in the sale. Chariff Realty represented the buyer.

Ross Power paid $90,000 for the two-story property in 1989 and opened Power Studios. Photographer Bruce Weber shot the final catalogue from the late fashion designer Gianni Versace and Emilio Estefan directed his first music video at the studio. Power later brought in David Wallack as a partner in the investment.

The Power Studios transaction is yet another example of aggressive investment in the Design District. Miami-based Dacra Corp. is building a $312 million mixed-use development that could transform the district into a luxury retail hub.

Led by founder Craig Robins, Dacra has a history of transformative developments in South Florida. Most notably, the company was involved in the renovations of historic Art Deco hotels in South Beach, including the Marlin, Cavalier, Leslie, Kent and Governor, during the late '80s and '90s as the area's population shifted from retired senior citizens to a younger trend-setting population.

He also helped reposition Lincoln Road into a pedestrian-oriented outdoor shopping destination with a global draw.

The Design District has been an enclave of mostly home-grown art galleries and furniture and design showrooms. More recently, the neighborhood has added brand names and become a restaurant hub.

This article originally appeared in Daily Business Review under the headline “Miami's Power Studios Building Bought For $8 Million.”

Chariff Realty Group Closes a Record Breaking Sale at Over $2,100 Per Square
Foot in Miami’s Design District

$10.5 Million Transaction translates in to $2,117 per sq. ft. which is the highest price ever paid per
Square ft for Real Estate in Miami Design District.

Chariff Realty Group has facilitated the sale of the building
located at 101 NE 40th Street in the Miami Design District. The purchase price of $10.5 Million which
represents the highest price ever paid per sq ft. in The Design District.
The property according to the Miami-Dade County property appraisers website is shown as a 4,958 Sq. Ft
building that sits on a corner 5,000 sq. ft lot. Records show the 2012 tax assessed value at $1,540,000.
The last prior sale was in December, 2007 for $2,1000,000 or $423.00 per sq. ft. The current transaction
was at $10,500,000, made by 101 Miami DD Blue LLC a Delaware company, and the seller was
10140 Design LLC,.
"The purchase price of over $2117 per square foot is a genuine game-changer for The Miami Design
District,” says Lyle Chariff, president of Chariff Realty Group.
This latest transaction is one of a series of high-profile property deals involving Chariff Realty Group.
According to its president, the recent openings of stores in the Design District like Louis Vutton, Hermes,
Dior, Prada and Cartier has led an upward trend in the Miami Design District real estate prices over
recent business quarters.
“Much of the new interest is coming from top real estate names in Manhattan- the ones behind the
success of New York City's Madison Avenue, SoHo and Meat Packing District,” he says. “These are
sophisticated buyers with a proven ability to discern trends in commercial real estate that are looking to
secure locations that are starting to bring in rents as high a $200 per sq foot and rising. There is limited
space, and there are many other luxury brands looking for locations to have a presence in the Miami
Design District.”

Michael Schwartz the James Beard Award-winning chef and the King of Miami cuisine has added another jewel to his growing empire with the recent addition of The Cypress Room.

Chariff Realty Group Welcomes our newest agent
Rolando Bazail
Broker-Associate
Rolando is a prolific agent and Top Producer of ample experience. His extensive knowledge of residential development sales coupled with his expertise in the luxury market have earned him a solid and successful career. Highly professional, business savvy and up-to-date with the latest market trends, he services a loyal customer base expanding from Greater Downtown Miami, South Beach and Coral Gables to Bal Harbour , Sunny Isles, Aventura and Fort Lauderdale

Bilingual in English and Spanish, Rolando implements comprehensive marketing strategies using the most current tools, exposing listed property to the global market place and connecting buyers and sellers worldwide.

Former Sales Director of Marquis Residences. Member of the National Association of Realtors (NAR), The Florida Association of Realtors (FAR), Graduate Realtor Institute (GRI). Transnational
Referral Certified (TRC). Member of The International Consortium of Real Estate Associates, (ICREA). B.A., Economics, California State University

Another Done Deal- SOLD! Primo Pizza Location at Midtown Miami. 3451 NE 1st Ave Miami, FL. A Commercial Leasehold was sold with all furniture and equipment. The Buyer was I Love Pizza. Did you know that Chariff Realty Group also handles these types of deals? We are making things happen in Midtown Miami. Call us if your a buyer or seller or business owner looking to Buy, Sell or Lease space. We get the job done.

Sunday Morning Yoga in the Design District. "Another Done Deal"