The Real Deal Miami

NY partnership spends $12M in Wynwood

Buyers plan to keep tenants, which include Wood Tavern and Plant the Future

August 03, 2015 12:45PM
By Katherine Kallergis

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Ralph Tawil and the Wood Tavern building

Ralph Tawil and the Wood Tavern building

A partnership between New York-based Centurion Realty, Jameson Realty and Link Real Estate has purchased a 15,502-square-foot property in Wynwood for $12.24 million, The Real Deal has learned.

CJL Wynwood LLC acquired the two-story, 8,056-square-foot commercial building at 2511 Northwest Second Avenue in Miami and the adjacent 5,200-square-foot parking lot at 184 Northwest 26th Street. Tenants include the popular Wood Tavern, Plant the Future and San Paul Gallery. It was built in 1946.

Cantor Commercial Real Estate Lending granted the LLC a $7.7 million mortgage. The Zinaida Moerno Revocable Trust sold the property. Previous sales information was not available.

“Short and longterm, our plans are to continue maintaining the character of the neighborhood. We have no plans to make any changes at this time,” Centurion’s Ralph Tawil told TRD. “We like the culture, the energy, the arts [in Wynwood].”

A Jameson Realty and Link joint venture also bought 151 Northwest 24th Street in Wynwood. Jameson has made four purchases in Wynwood, principal Joe Serure told TRD.

The neighborhood, marked by its industrial character and eclectic arts community, has received preliminary approval for a massive rezoning, which would allow for denser, mixed-use developments.

“This is a property that we collectively are excited about putting into our portfolio. With hundred of thousands of unique visitors each year to Wynwood, we jumped on the opportunity to purchase this asset in an off-market transaction,” Dan Arev, Link founder, said.

Lombardi Properties’ David Lombardi and Daniel Lombardi brokered the deal.

Tawil said the property marks the second purchase in Wynwood for Centurion. The company recently paid about $2.25 million for a warehouse at 275 Northwest 26th Street, which is across the street from jugofresh. The 5,000-square foot lot last sold for $65,000 in 1995.

Centurion, which owns a 10,000-square-foot building at 643-657 Lincoln Road, is looking at acquiring more property in South Florida, specifically Wynwood, the Design District or Miami Beach.