In this paper, we present a novel real-time MIMO channel sounder for 28 GHz. Until now, the common practice to investigate the directional characteristics of millimeter-wave channels has been using a rotating horn antenna. The sounder presented here is capable of performing horizontal and vertical beam steering with the help of phased arrays. Thanks to fast beam-switching capability, the proposed sounder can perform measurements that are directionally resolved both at the transmitter (TX) and receiver (RX) as fast as 1.44 milliseconds compared to the minutes or even hours required for rotating horn antenna sounders. This does not only enable us to measure more points for better statistical inference but also allows to perform directional analysis in dynamic environments. Equally importantly, the short measurement time combined with the high phase stability of our setup limits the phase drift between TX and RX, enabling phase-coherent sounding of all beam pairs even when TX and RX are physically separated and have no cabled connection for synchronization. This ensures that the measurement data is suitable for high-resolution parameter extraction algorithms. Along with the system design and specifications, this paper also discusses the measurements performed for verification of the sounder. Furthermore, we present sample measurements from a channel sounding campaign performed on a residential street. ; Comment: 6 pages, 15 figures, conference paper