Nancy Karp sold the 52,889-square-foot commercial building at 3900 Biscayne Boulevard for $18.36 million, according to Miami-Dade County records.
An affiliate of Miami-based Alta Developers was the buyer, corporate records show. Alta has been involved in projects such as Baltus House, One Paraiso, Neovita Doral and Metropolis at Dadeland, according to the developer’s website.
Karp acquired the 1.6-acre Miami site for $13.5 million in June 2007, according to Miami-Dade County property records. The three-story building was constructed in 1965.
The property is the location of the Miami Arts Charter School, a grades 6 through 12 visual and performing arts public charter school.
The site was formerly home to the local television station WPLG-10, the local affiliate of ABC in South Florida. Aztec Group’s Ezra Katz, Jim Fried and Jason Katz represented both parties in the deal.
“This transaction is indicative of where we are in the market cycle,” Jim Fried, managing director at Aztec Group, said in a statement. “Well-funded developers are focusing on acquiring only the most strategic pieces of land. Our urban land team at Aztec continues to be very active in marketing sites for new development and is seeing strong demand for urban infill sites like this one.”
In May, Karp bought an office building on Biscayne Boulevard and Northeast 116th Avenue for $2.7 million with plans to renovate it. An LLC led by Nancy Karp also bought an office building at 2919 Biscayne Boulevard in January 2005 for $9.3 million, renovated it and sold it for $19 million last year, records show. Kobi Karp Architecture & Design has its offices there.