MIAMI—Wynwood continues attracting investors. The artsy Miami neighborhood just saw another commercial real estate property sell.
Aztec Group director Charles Penan and senior managing director and Howard Taft, arranged the $12.5 million sale of 2050 North Miami Avenue in Wynwood. Aztec represented both the buyer and the seller. The buyer and seller names were not disclosed.
“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 includes a 19,464-square-foot industrial/flex building located at the Southern gateway to the Wynwood Arts District. Aztec believes the property's location will be a catalyst for the neighborhood's continued development. The 1.033-acre site has over 180 feet of frontage along North Miami Avenue.
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. Vogue magazine rated Wynwood ninth in its 2014 list of “Coolest Neighborhoods in the World.” Wynwood is home to some of Miami's most cutting-edge restaurants, galleries, and unique boutiques.
Investors are certainly making their bets. New York developer KAR Properties just acquired a 1.03-acre site in the trendy Wynwood neighborhood from Mega Shoes. Aztec Group represented KAR. Financial terms of the deal were not disclosed. In case you missed my report last year, check out this article: Why Wynwood is Turning Lender Heads. You should also check out Will Wynwood CRE Simmer to a Boil?.
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