The Real Deal Miami

Portion of Miami Rescue Mission in Wynwood listed for $22M

Totals 80K sf of land, four buildings and vacant land
By Katherine Kallergis | April 13, 2015 01:30PM

Miami Rescue Mission properties on the market in Wynwood

Wynwood asking prices continue to skyrocket: the Miami Rescue Mission is listing three assemblages in the area — a total of about 80,000 square feet — for $22 million, The Real Deal has learned.

“They’re definitely going to remain and have a presence in the community,” Dave Colonna of FIP Realty Services told TRD regarding Miami Rescue Mission. Colonna is representing the nonprofit organization.

The largest of the three assemblages is four properties at 2229 Northwest First Court, 2201 Northwest First Court, 2200 Northwest First Avenue and 2250 Northwest First Avenue. The 1.3-acre site is on the market for $15 million, Colonna said, and it includes the site of the Miami Rescue Mission’s Bargain Barn, a 12,526-square-foot warehouse built in 1926. Florida Power & Light owns the remaining two properties on the block.

Three parcels west, the nonprofit is listing three vacant lots totaling 15,500 square feet at 2200, 2210 and 2200 Northwest First Court. They’re on the market for $4 million.

The last site, a two-story warehouse at 2159 Northwest First Court, is on the market for $3 million. The 20,754-square-foot warehouse was built in 1962 and sits on a 6,500-square-foot lot. It last sold along with the three vacant lots for a combined $187,000 in November 1993, according to Miami-Dade property records.

The proceeds will be used to pay for capital improvements in the facilities it currently operates and to expand the nonprofit’s services in Miami-Dade and Broward. Miami Rescue Mission’s Wynwood services includes a medical facility and thrift store.

“The decision to sell a portion of their properties was made recently, prompted by the tremendous interest the Wynwood area has seen over the past year,” Colonna said in a statement.

Earlier in April, a 1.1-acre site in Wynwood was listed for $17 million — five times more than it sold for in 2011. And in March, a 78,050-square-foot lot at 2201/2245 North Miami Avenue sold to Jeronimo Hirschfeld, developer and CEO of Miami-based One Real Estate, for $15 million, marking more than a five-fold increase within three years.

Also recently, New York-based investment firm Redsky Capital paid $26 million for 2621 Northwest Second Avenue, known as the Wynwood Block.