Jewelry Brand Ildico Buys Corner Retail Gem in Miami Design District for $35M

A prime retail property in the heart of the Miami Design District has changed hands in a major off-market transaction. The two-story commercial building located at 3800 NE 2nd Avenue sold for $35 million, reflecting the continued strength and desirability of Miami’s luxury retail corridor. The buyer, Beverly Hills-based jeweler Ildico, acquired the property through an entity tied to its CFO, Mikhail Cohen. The deal represents a significant expansion for the high-end jewelry brand as it plants deeper roots in the South Florida market.

Built in 1926, the building spans 9,445 square feet and is currently home to luxury retail tenants including Listone Giordano, L’Atellier Paris Haute Design, and CNCPTS Miami. The $35 million purchase price equates to approximately $3,701 per square foot, underscoring the premium investors are willing to pay for flagship-quality real estate in the Design District. The sellers—veteran Miami investors Sam Herzberg, David Herzberg, and Richard Do—originally purchased the building in 2015 for $11.4 million, making this transaction a 208% increase in value over a ten-year period.

This transaction further solidifies the Miami Design District’s status as one of the nation’s top-tier luxury retail destinations. Home to internationally renowned brands like Louis Vuitton, Gucci, Saint Laurent, and Hermès, the neighborhood has been strategically transformed by development firms such as Dacra, Brookfield, and L Catterton. As demand for retail space in the district continues to climb, so do prices—both in terms of lease rates and sale values.

The deal was brokered by Tony Arellano and Devlin Marinoff of Dwntwn Realty Advisors, who have facilitated more than 40 deals in the Design District over the past 15 years. Their deep understanding of the area’s market dynamics played a key role in bringing the off-market deal to fruition.

Located at the intersection of NE 2nd Avenue and NE 38th Street, the 3800 NE 2nd Avenue property sits just one block from Palm Court and within walking distance to the district’s most trafficked luxury boutiques and art installations. The building’s strategic corner location and historic character further elevate its value in a district known for architecturally significant properties and experiential retail environments.

This sale also comes amid a broader wave of investment activity in the area. Just blocks away, plans have been filed for a 20-story residential and retail tower, while nearby developments such as Cassi—a $125 million luxury apartment and retail project—signal ongoing momentum in the district’s evolution.

With this acquisition, Ildico joins a growing list of private and institutional investors targeting the Miami Design District for long-term positioning. As retail trends continue to favor experiential, luxury-driven environments, properties like 3800 NE 2nd Avenue are proving to be some of the most valuable and resilient assets in Miami’s commercial landscape.