The Real Deal Miami

JSRE Acquisitions adds to Wynwood portfolio with $5.7M buy

Property, developed in 2007, sold for $1,367 psf

March 31, 2016 09:45AM
By Katherine Kallergis

  • Print
194 Northwest 24 Street in Wynwood

194 Northwest 24th Street in Wynwood

After buying a retail block along Wynwood’s Northwest Second Avenue, New York-based JSRE Acquisitions has acquired an adjacent building for $5.65 million.

County records show the 4,131-square-foot warehouse at 194 Northwest 24th Street traded hands for $1,367 per square foot. Trendy Properties LLC sold the property to 194-196 Wynwood LLC, an entity that ties back to the owner next door.

Eric Gonzalez, co-founder of Central Commercial Real Estate, represented the seller in the off-market deal. Devlin Marinoff, managing director of Whitehall Realty Advisors, and Tony Arellano, executive vice president of Metro 1 Commercial, represented the buyer.

Property records show Trendy Properties bought the 7,137-square-foot plot in 2004 for $182,500 and built the two-story building in 2007. It was on the market for lease only, listings show. The seller, controlled by Enrique Lopez and Irma Martinez, formerly occupied the space as a production studio.

Earlier this month, JSRE paid $35 million to buy three buildings between 23rd and 24th streets along Northwest Second Avenue where tenants include Shinola and Etra Fine Art. Together with this week’s acquisition, JSRE owns 25,489 square feet of buildings and 29,734 square feet of land in Wynwood.

New zoning changes to the artsy neighborhood increased commercial activity in Wynwood.In October, a slate of changes to zoning and land use designations allowing for denser residential developments on roughly 205 acres in Wynwood went into effect.

The firm also owns property at 716-720 Lincoln Road where it spent about $35 million in 2014.