MIAMI—Wynwood's commercial real estate market is heating up on all fronts. The latest example is the $5 million sale of a warehouse facility and a vacant lot. EEFC 2214 NMA Owner and EEFC 74 NW 24 Owner acquired the assets.

The 21,000-square-foot industrial property is 2214 North Miami Avenue. The 3,500-square-foot lot are located at and 74 Northwest 24 Street. Allison Turk of EWMrepresented the seller, Sam Ben-Avraham. Ari Dispenza of Mizrach Realty Associates represented the buyers.

Wynwood is located just south of Midtown Miami development and Miami Design District. The neighborhood has been seeing plenty of deals lately.

“The surge in interest in the Wynwood section of North Miami Avenue as of late is exciting,” says Dispenza. “While properties have been trading with regularity for some time now, it has clearly intensified, largely due to anticipated up-zoning and the mixed-use developments being drawn up.”

Developers are also showing interest. Wynwood Central, the first major ground-up, mixed-use commercial real estate development in Miami's Wynwood Art District, is rising from the dirt. As the district's first community space and connecting points for residents to gather, shop, work, and live, some are calling the $50 million project a game changer.

“We recognized that Wynwood needed a pedestrian-friendly, connecting point that offered additional services and amenities,” says Lyle Chariff, a spokesman for the developers, Marc Kovens and Shawn Chemtov. “Once it's completed, Wynwood Central will appropriately represent the future of one of the country's fastest growing neighborhoods and serve as a catalyst for its growth and vitality, enhancing the overall quality of life.”

SBT Wynwood Too late last year acquired a seven-parcel portfolio and an additional 104,750 square feet of land for $8.5 million. The commercial real estate portfolio is located around Northwest 29th Street and Northwest 3rd Avenue.

"These buyers are seasoned developers with big plans for this site in the future,” says Tony Cho, president and CEO of Metro 1, who brokered the sale. “This marks the next phase of Wynwood's exciting evolution which is now attracting world class investors and developers from around the world. Expect to see ground up vertical development in the near future.”