MIAMI—The deal flow in Wynwood is fast and hard these days. Aztec Group just inked its fourth transaction there in the past six months.

Aztec director Charles Penan, Director and senior managing director Howard Taft closed an investment sale, condominium construction facility, and acquisition financing totaling over $20 million in closed transaction volume on four deals in Wynwood. The Wynwood Arts District, formerly Miami's Garment/Fashion District, is witnessing a bona fide transformation with major residential, retail and office properties under development. 

Aztec represented both the buyer and the seller in the $12.5 million sale of 2050 North Miami Ave. 2050 North Miami is a 19,464-square-foot industrial/flex building at the southern gateway to the Wynwood Arts District.  The 1.033-acre site has over 180 feet of frontage along North Miami Avenue.

“Achieving one of the highest recorded prices of land for a parcel this large in Wynwood is a major accomplishment,” says Penan. “This was an off-market transaction initiated by the buyer's desire to be in this dynamic neighborhood. The property's strategic location will be a catalyst for the development of the neighborhood.”

Aztec also arranged a $3.4 million construction loan for 250 Wynwood.  250 Wynwood is the first new residential development to break ground in this development cycle. 

Located 250 Northwest 24th St., 250 Wynwood is an 11-unit live/work, loft style condominium with 3,775 square feet of ground level retail.  250 Wynwood is being developed by Miami-based Fortis Development Group and was designed by Architect Laith Sayigh with art work chosen by Anthony Spinello. The project is 90% sold with over 50% deposits committed.

In a third transaction, Aztec arranged $2.5 million in acquisition financing for 201 Northwest 21 Street and 210 Northwest 22 Street. Located on Northwest 2nd Street, the 1.12-acre site is currently home to a fashion retailer's warehouse/distribution facility.  Plans are being drawn to retrofit the 26,875-square-foot building into a mixed-use property housing several fashion boutiques, restaurants and office users. Terms of non-recourse loan include an 80% loan-to-cost and single-digit floating interest rate.

Finally, Aztec arranged $2,021,250 million in non-recourse, acquisition financing for 2301 North Miami Ave.  Located along the major north-south thoroughfare of North Miami Avenue, the 13,353-square-foot retail property, formerly used for warehousing, consists of four individual storefronts currently occupied by art galleries and design tenants. Terms of the five-year, non-recourse loan include a 55% loan-to-cost and 4.25% fixed interest rate. 

Considered one of Miami's most artistically dynamic and diverse neighborhoods, Wynwood is home to over 70 galleries, museums and collections and is the center of Miami's Arts and Culture District. Vogue rated Wynwood ninth in its 2014 list of “Coolest Neighborhoods in the World.”

Wynwood's commercial real estate market is heating up on all fronts. Another recent 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 surge in interest in the Wynwood section of North Miami Avenue as of late is exciting,” says Ari Dispenza of Mizrach Realty Associates. “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.