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.”

 

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