New York investor buys Wynwood retail complex for $26M

Sale marks investor's fourth purchase in South Florida, totallng nearly $100 million

TRD 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
Daily Digest Miami

Sterling Bay tops off 545wyn in Wynwood, Reich Brothers buys $70 million former Sears distribution center in Ocala

LeBron James with a rendering of Unknwn Wynwood (Credit: Getty Images)

Renderings revealed: River Parc master plan, Unknwn’s Wynwood store

Miami-Dade County Commissioner Xavier Suarez and Miami City Mayor Francis Suarez (Credit: Getty Images, iStock)

Developers, ex-mayor push for rail expansion in Wynwood, Little Haiti and Liberty City

Kushner Companies' Charles Kushner and Laurent Morali

Inside Kushner Companies’ $1B expansion into South Florida

Join The Real Deal at its sixth annual Miami Showcase & Forum this week

Join The Real Deal at its sixth annual Miami Showcase & Forum this week

La Social’s original location at 7601 Biscayne Boulevard (Credit: Google Maps)

The Weekly Dish: La Social to open in downtown Miami, Salt & Straw is going to Wynwood 25 & more

Tony Cho, Andres Nava and Valerio Morabito with 2143 Northwest First Avenue

Developer Valerio Morabito enters Wynwood market with $9M acquisition

A rendering of Arlo Wynwood

Quadrum Global plans Arlo hotel in Wynwood

arrow_forward_ios