MIAMI—Demand for commercial real estate is heating up in Wynwood. SBT Wynwood Too just grabbed 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. Metro 1 president and CEO Tony Cho represented both seller and buyer.
"These buyers are seasoned developers with big plans for this site in the future,” says Cho. “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.”
Developers and investors alike have an eye on Wynwood. Metro 1 recently listed sell two additional sites in the district—48 Northwest 25th Street and 43-65 Northwest 23th Street—asking $5.9 million and $5.49 million, respectively.
Meanwhile, Wynwood's Gateway Building, developed by Cho, recently came online and is ready for occupancy. The anchor tenant, Ducati Miami, started construction and expects to be open for business by the end of the year.
The signature building, which sits at the entrance of Miami's the Wynwood Arts District at 2825 Northwest 2nd Avenue, offers 2,650 square feet of retail space, 1,000 square feet of green space and an additional 1,200 square feet of café space. International luxury motorcycle brand Ducati will anchor the project with a 6,000 square foot showroom.
Metro 1 just listed a 6,163 square foot building for sale for $2.5 million. The loft-warehouse is located in the heart of the Wynwood, features multiple roll-up doors, high ceilings, AC, and 50-foot frontage on 2049 North Miami Avenue.
But it's not just investment properties. Leasing in Wynwood is also picking up. Metro 1 recently listed 2,000 square feet of industrial/flex space at 151 Northwest 24th Street for $28 per square foot triple net and another 5,300 square foot industrial/flex space at 120 Northwest 24th Street for $20 per square foot modified gross.
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