Miami Beach investor Sam Herzberg is back in the Design District — this time with an $11.4 million acquisition, Miami-Dade County records show.
A company led by Herzberg bought the two-story commercial building at 3800 Northeast Second Avenue last week. An affiliate of Washington, D.C.-based ABC Imaging was the seller.
The 7,904-square-foot building sits on a 7,421-square-foot lot, according to Miami-Dade property records. It was constructed in 1926, and last sold in 2006 for $2.5 million — marking a more than fourfold increase.
Lyle Chariff, president of Chariff Realty Group, was not involved in the sale but told The Real Deal that he handled leasing for the property in the past. Most recently, ABC Imaging was the sole tenant of the building, he said.
Herzberg’s 3800 Design District LLC was the buyer, records show. In May 2014, Herzberg sold his Design District portfolio to Thor Equities for $45.4 million, at the time the priciest sale to date. Herzberg also owns the Sterling Building on Lincoln Road in Miami Beach, which houses Books & Books and Diesel clothing, among other tenants.
His latest acquisition is on the same block as the Palm Court, which was LEED certified in May and features tenants such as Vhernier, Hublot, Piaget and Bulgari.
Miami’s Design District has now completed about 80 percent of its first two phases, which represent about half the overall, 1.2-million-square-foot project.
The seller, ABC Imaging, is a blueprint company with locations in California, Texas, Florida and the Northeast, according to its website. The company has a location at 5760 Southwest Eighth Street in Miami. Founder and CEO Mehdi Falsafi signed the deed transfer of ownership for the Design District property.
Source: The Real Deal