Wynwood land sells for $15M — a fivefold increase in three years

Miami /
Mar.March 23, 2015 01:15 PM

Here’s more proof of rising prices in Wynwood: a 78,050-square-foot lot sold Monday to an investor for $15 million, or $192 per square foot, The Real Deal has learned. That’s more than a five-fold increase within three years.

Jeronimo Hirschfeld, developer and CEO of Miami-based One Real Estate Investment, bought the vacant land at 2201/2245 North Miami Avenue in Miami.

“My plans are to develop the property, as it is in a great location and the area has a lot of demand for mixed-use projects including retail and residential,” Hirschfield said in a statement.

Gaston Miculitzki, agent with Brightway Properties, represented the sellers, 2201 Wynwood LLC and 2245 North Miami Avenue LLC. Both companies show Glenn Leonard as the registered agent and Felipe Yalale as manager, according to corporate records.

“I am really happy to be part of this progress of the Wynwood area, and I am looking forward to continuing to do great deals in the area,” Miculitzsi, who also represented the entities when they assembled the properties in 2012 and 2013 for a total of $3 million, told TRD.

The latest deal marks Miculitzski’s second in a Wynwood in a week, for a total of $41 million. Last week he represented the sellers — Cabi Development and the Miculitzski family — in the sale of a retail complex dubbed the Wynwood block, which sold for $26 million. The property, at 2621 Northwest Second Avenue, was purchased by RedSky Capital, a New York-based investment firm that has spent nearly $100 million in the past few months on sites in Wynwood and the Design District.

In Monday’s purchase, Hirschfeld was represented by Proskauer Rose LLP partner Stuart T. Kapp.  His brokers were Vincente J Pastore of Vincent J. Pastore & Associates and Benjamin Mandell of RFK. Mandell also represented the buyers in last week’s transaction.

“Wynwood is an extremely attractive market for us,” Hirschfeld said, “and we will continue to invest in this up-and-coming neighborhood.”

 

Related Articles

arrow_forward_ios
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
Evolve's Mike Winstead Jr. and Joe McKinney with rendering of the Evolve's Wynwood project (Evolve Companies, CTD Architecture)
North Carolina firm plans 141-unit Wynwood apartment project
North Carolina firm plans 141-unit Wynwood apartment project
Brick & Timber's Glenn Gilmore and Jesse Feldman with 215 NW 24th Street (LinkedIn, Brick & Timber, Google Maps)
Lease roundup: Brick & Timber, UBS nab tenants
Lease roundup: Brick & Timber, UBS nab tenants
Cube Wynwd, Ken Griffin and a Windstar Cruiseship (Google Maps, Getty, Windstar Cruises)
South Florida by the numbers: Headquarters heading here
South Florida by the numbers: Headquarters heading here
Thor Equities' Joe Sitt rendering of 2724 Northwest Second Avenue (Thor Equities, DWNTN Realty Advisors)
Thor Equities lists Wynwood dev site for $32M
Thor Equities lists Wynwood dev site for $32M
View of the buildings at 612, 817 and 815 Lincoln Road in Miami Beach and Terranova’s Stephen Bittel (Google Maps, Terranova Corp)
Lease roundup: Terranova, Millennium, R&B, Duke nab tenants
Lease roundup: Terranova, Millennium, R&B, Duke nab tenants
arrow_forward_ios

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

Loading...