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


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