Billionaire investor bought an Overtown convenience store for $6.6M
A billionaire investor bought a food market in Overtown, expanding his real estate portfolio in Miami.
Sarkis Izmirlian bought the convenience store at 295 NW 20th St. for $6.6 million on Thursday, according to the Real Deal. The one-story building spans 2,959 square feet. The prior owner, Hollywood, Fla.-based King Valley Investments, purchased the building for $1.15 million in 2006, according to property records.
The sale is one of the highest price paid per square foot of a building in Overtown of comparable size. Izmirlian paid $2,230 per square foot for the retail center.
In September, an owner registered under 101 NW 20th Street LLC paid $289 per square foot for the one-story, 4,837-square-foot commercial building at 101 NW 20th St.
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Izmirlian added to his real estate portfolio earlier this year with a purchase in Wynwood. He plans to build a hotel with restaurants and retail on a one-acre-plus contiguous block from Northwest Second Avenue from 21st Street to 22nd Street, according to the Real Deal. He paid $26.4 million in April for the commercial building and land.
A former developer, Izmirlian planned the Chinese-backed Bahamas casino resort Baha Mar. It was scheduled to open in 2014, but after a year of construction delays Izmirlian filed for bankruptcy in 2015. He lost millions in investment in a foreclosure to his Chinese investors. By 2016, the project was picked up by a Hong Kong development firm and completed in 2017.
This article was updated to correct the name of the prior owner.
This story was originally published December 16, 2019 at 4:30 AM.
