The Real Deal Miami

Redsky, JZ buy Miami Rescue Mission’s Wynwood assemblage for $22M

Assemblage of vacant lots and warehouses sold for $275 per square foot

April 04, 2016 11:15AM
By Katherine Kallergis

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Miami Rescue Mission properties on the market in Wynwood

Miami Rescue Mission properties in Wynwood

Nearly a year after hitting the market for $22 million, a portion of the Miami Rescue Mission’s Wynwood properties sold for its asking price. And the buyers? London-based JZ Capital Partners and Redsky Capital. 

The nonprofit organization listed the 80,000-square-foot assemblage last April with FIP Realty Services. It’s made up of eight parcels between Northwest First Court and Northwest First Avenue and along Northwest 22nd Street that represents about a third of the rescue mission’s portfolio in Wynwood.

Per square foot, the sale breaks down to $275.

County records show the buyer, RS JZ NW1 2200 LLC, financed the deal with a $12.6 million loan. AB Commercial Real Estate Debt is the lender. Redsky principal and co-founder Ben Bernstein signed the mortgage. JZ and Redsky have been active in Wynwood and Miami’s Design District, most recently spending more than $128 million on a nearly two-block purchase in the Design District in February.

The Miami Rescue Mission will use the proceeds to pay for capital improvements in the facilities it currently operates and to expand the nonprofit’s services in Miami-Dade and Broward, Dave Colonna of FIP previously told The Real Deal. The organization’s Wynwood services includes a medical facility and thrift store.

The properties were listed in three assemblages. The largest is four properties at 2229 Northwest First Court, 2201 Northwest First Court, 2200 Northwest First Avenue and 2250 Northwest First Avenue. The 1.3-acre site was on the market for $15 million, and it includes the site of the Miami Rescue Mission’s Bargain Barn, a 12,526-square-foot warehouse built in 1926. Property records show Florida Power & Light owns the remaining two properties on the block.

On the west side of First Court, JZ and Redsky bought the three vacant lots totaling 15,500 square feet at 2200, 2210 and 2200 Northwest First Court. They were on the market for $4 million.

The last site, a two-story warehouse at 2159 Northwest First Court, was on the market for $3 million. The 20,754-square-foot warehouse was built in 1962 and sits on a 6,500-square-foot lot. It last sold along with the three vacant lots for a combined $187,000 in November 1993, according to Miami-Dade property records.