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.”

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

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

Check out.. Miami Design District- 2013

Another Done Deal- SOLD! $4,230,000.00- 2140-44 NE 2nd Ave. A Commercial property with a 6,784 Sq. ft building sitting on a 24,000 Sq. Ft lot (price breakdown) $623.52 per Sq Ft for building or $176.25 per Sq Ft for Land. This is an all time record breaking deal for the NE 2nd Ave corridor. We are making things happen on NE 2nd avenue. Call us if your a buyer or seller or just looking to Lease space. .