The Real Deal Miami

Wynwood warehouse portfolio sells for $11M

Sellers traded for $111-square-foot premium over what they paid last year

November 13, 2015 12:00PM

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The "Space by 3" warehouse space in Wynwood

The “Space by 3” warehouse space in Wynwood

Two connected Wynwood warehouse properties and their parking lot, collectively named “Space by 3,” just sold for $11 million.

The properties, located near the southern border of Wynwood, were advertised as “creative warehouses” that can host anything from an art gallery and showroom to retail space and offices. Together, they have 17,963 square feet of space.

Tony Arrellano of Metro 1

Tony Arellano of Metro 1

The addresses are 2105 North Miami Avenue and 2049 North Miami Avenue for the warehouses, which were built in 1920 and 1934, respectively. The 8,100-square-foot parking lot is located at 2047 North Miami Avenue.

Corporate records show the seller, Carol Invest U.S.A., is managed by Emanuela Verlicchi and Carolina Marazzi of Miami Shores — the same Italian family that owns Al Capone’s former mansion in Miami Beach. The two were represented by Tony Arellano of brokerage Metro 1, according to a news release.

The release identified the buyers as Wynwood Property Partners LLC, which is managed by real estate lawyer Evan D. Seif. The company’s true owners are not yet identified.

Mick Duchon of Douglas Elliman

Mick Duchon of Douglas Elliman

The buyer was represented by Mick Duchon of Douglas Elliman for the deal.

Arellano, the Metro 1 agent, said in the release that Wynwood’s recent zoning changes give the new ownership a blank slate for this space.

Both warehouses were recently given a total facelift with modern industrial finishes, landscaped patio and an old-timey red brick facade.

The three properties occupy roughly 35,900 square feet of land, or 0.82 acres. Carol Invest had first purchased the trio in May 2014 for $7 million, which breaks down to $195 per square foot. After 18 months, the investors raked in roughly $306 per square foot. — Sean Stewart-Muniz