The Real Deal Miami

Wynwood property asks $17M, 5x more than in 2011

1.1-acre site has a three-story building built in 1923

April 03, 2015 12:45PM
By Ina Cordle

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1900 Northeast Miami Court

1900 Northeast Miami Court

Amid a flurry of recent Wynwood property sales, a commercial building has been listed for $17 million and is being marketed as a mixed-used development site, The Real Deal has learned.

The 1.1-acre site at 1900 Northeast Miami Court contains a 50,317-square-foot, three-story building, built in 1923, according to Miami-Dade property records. The owner, Aspira Properties, bought the property for $3.4 million in December 2011.

Transwestern’s South Florida office is the exclusive broker. Transwestern Managing Director John Bell and Senior Associate Mariano Perez are handling the listing.

“The site has long-term enhanced value as the market matures,” Bell said in a statement. “Signage opportunity, exposure, easy access and development constraints on adjacent public land make the 1900 Northeast Miami Court site a prime mixed-use development opportunity.”

Properties are changing hands in Wynwood at a rapid pace. Earlier this week, Amicon Construction Services’ office building at 2400 Northeast Second Avenue was purchased for $3.7 million by Brodson Construction. Broker Lyle Chariff told TRD the firm plans to redevelop the site into retail space.

Last week, New York investors Jameson Realty Group and Yellow Side Ventures paid $3.05 million for 151 Northwest 24th Street, which houses the art gallery Emerson Dorsche. The owners, who have bought other properties in Wynwood, told TRD they have plans to renovate the building.

Also last week, a 78,050-square-foot lot at 2201/2245 North Miami Avenue sold to Jeronimo Hirschfeld, developer and CEO of Miami-based One Real Estate, for $15 million, marking more than a five-fold increase within three years. Within the past month, New York-based investment firm Redsky Capital paid $26 million for 2621 Northwest Second Avenue, known as the Wynwood Block.