New York investor buys Wynwood retail complex for $26M

Miami /
Mar.March 18, 2015 04:30 PM

A New York-based investment firm has purchased its second property in Wynwood for a whopping $26 million.

Located at 2621 Northwest Second Avenue, the building is a retail complex dubbed the Wynwood Block, which — true to its name — takes up a full city block.

It was purchased by RedSky Capital, which has been grabbing land in Wynwood and the Miami Design District over the past few months. The Wynwood Block deal closed on March 17.  Two weeks earlier, RedSky also closed on a two-story Design District property for $29 million. It closed on another Design District property this month for $28 million.

Now, the investment firm has spent nearly $100 million on South Florida real estate.

The company made its first entrance in Wynwood, and South Florida in general, with its $11 million purchase of a gallery at 2407 Northwest Second Avenue, earlier this year.

RedSky was represented by brokerage RKF for its property purchases in South Florida, according to a release.

The seller, a partnership between the Miculitzki family and the CABI Group, was represented by Gaston Miculitzki from Brightway Properties.

Drew Schaul of RKF said that Miami real estate is gaining traction with out-of-town and foreign investors.

“The Design District is an extremely attractive market to New York-based investors, who view Miami as a gateway for brick and mortar exposure to affluent domestic and international tourists,” Schaul said in a statement. “With foreign and out-of-state capital becoming more accessible, investor demand for well-located retail assets is increasing, not only within the Design District, but spilling over into neighboring areas such as Wynwood and Edgewater.” — Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Photo illustration of Bazbaz Development's Sonny Bazbaz along with a rendering of the planned development at 2134 North Miami Avenue in Wynwood (Getty, Bazbaz Development, LoopNet)
Bazbaz buys Wynwood development site for mixed-use project
Bazbaz buys Wynwood development site for mixed-use project
Third Point’s Dan Loeb and Livwrk's Asher Abehsera 2050 North Miami Avenue (Third Point, Livwrk, Google Maps, Getty)
Billionaire Dan Loeb selling Wynwood site to Brooklyn developer
Billionaire Dan Loeb selling Wynwood site to Brooklyn developer
Andrew Zobler with a rendering of the NoMad Residences project in Wynwood
Farsighted: Andrew Zobler talks hotel market, surviving the dip and more
Farsighted: Andrew Zobler talks hotel market, surviving the dip and more
Alchemy’s Brian Ray, Joel BreitKopf and Kenneth Horn with 18 Northwest 23rd Street and rendering of planned mixed-use project (Alchemy-ABR, Google Maps)
Alchemy plans mixed-use project on Salvation Army parking lot in Wynwood
Alchemy plans mixed-use project on Salvation Army parking lot in Wynwood
From left: Robert Finvarb and Steven Hidary with 2600-2610 North Miami Avenue
Texas restaurant group inks first deal in Miami
Texas restaurant group inks first deal in Miami
AJP Real Estate’s Alberto Pérez and Thor Equities’ Joseph Sitt with Wynwood Walk and MedSquare Health medical offices ( AJP Real Estate, Thor Equities)
Lease roundup: AJP, Mas fully lease Kendall medical offices
Lease roundup: AJP, Mas fully lease Kendall medical offices
2100 Northwest Miami Court, 2101 Northwest First Avenue and 2127 Northwest First Avenue (Google Maps, Getty)
Another Wynwood dev site hits market asking above $30M
Another Wynwood dev site hits market asking above $30M
Block Capital Group's Gustavo Miculitzki and a rendering of the proposed five-story, 17-unit apartment project at 91 Northwest 27 Street in Miami’s Wynwood (MKDA)
Block Capital proposes 17-unit Wynwood apartment project
Block Capital proposes 17-unit Wynwood apartment project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...