David Edelstein picks up Wynwood retail property for $10.2M

Property was last sold for $330,000 in 1986

May.May 14, 2015 11:15 AM

A company managed by David Edelstein, principal of TriStar Capital, just purchased a retail property in Wynwood, adjacent to Miami’s Midtown for $10.2 million, The Real Deal has learned.

The 17,380-square-foot building at 3322 North Miami Avenue was built in 1949 and is occupied by stores like Alessandra Gold, The Color House and Omega Decor.

The low-level shopping strip was last purchased by a trio of investors for $330,00 in 1986. Ownership was transferred several times before landing with Casan Investments, a Coral Gables-based company led by Wilfredo Santiago.

The property comes with a 5,000-square-foot parking lot at its rear, according to Miami-Dade County property records.

Jason Weisman of JAW Commercial represented the buyer. He declined to comment on the sale.

Edelstein’s TriStar, a New York-based investment firm, has been buying properties in Wynwood, on Lincoln Road and Miami’s Design District. His plans include developing a new Lincoln Road retail project beside a 95-year-old historic church after a lawsuit that sought to derail its construction was recently dismissed.

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