David Edelstein sells Wynwood properties for $13M

Miami /
Jun.June 23, 2015 02:15 PM

David Edelstein’s SBT Wynwood sold two properties on North Miami Avenue in Wynwood for $13 million this week. 

Edelstein, who heads New York-based TriStar Capital, sold 2601 and 2637 North Miami Avenue to a partnership between Vitality Holding and Cabi Developers, Brightway Properties associate Gaston Miculitzki told The Real Deal.

Miculitzki represented the buyer and RFK’s Ben Mandell represented the seller.

The properties total 33,825 square feet of land. The single-story warehouse at 2601 North Miami Avenue was built in 1949 and spans 7,780 square feet. The two-story warehouse at 2637 North Miami Avenue was built in 1925 and spans 10,174 square feet. They last sold for a combined $5 million in June 2013, according to Miami-Dade County property records.

Edelstein has been active in South Florida this cycle. He picked up a Wynwood retail site next to Miami’s Midtown for $10.2 million in May. And in April, SBT Wynwood sold nearly a square city block, at 2801 Northwest Third Avenue, to Thor Equities for $29 million. He also has holdings on Lincoln Road in Miami Beach. After a lawsuit that sought to derail construction was dismissed, he plans to build a 15,789-square-foot, two-story tall retail building on land his company leases from the Miami Beach Community Church at the corner of Drexel Avenue and Lincoln Road.

Last week, the city of Miami Planning, Zoning and Appeals Board unanimously approved a slate of changes to zoning and land use designations that would allow denser residential developments on roughly 205 acres in Wynwood at a meeting. The board also recommended approving Wynwood as the city’s first Neighborhood Revitalization District, which will encourage builders to create wider sidewalks, pedestrian walkways within large projects, provide financial incentives to developers who preserve warehouses, and make it easier to construct affordable housing.

The recommendations still need to be finalized by the city commission.


Related Articles

arrow_forward_ios
UOVO Founder Steven Guttman (UOVO)
UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
Chef Jorge Kauam and 310 Northwest 25th Street 
Investors team up with pastry chef and chocolatier for planned Wynwood market
Investors team up with pastry chef and chocolatier for planned Wynwood market
RedSky Capital’s Benjamin Bernstein and 2159 Northwest First Court (Redsky, Google Maps, iStock)
Fisher Brothers pays $18M for Wynwood assemblage owned by RedSky venture
Fisher Brothers pays $18M for Wynwood assemblage owned by RedSky venture
Asi Cymbal and 3466 North Miami Avenue (Cymbal)
Dev site with retail-office building in Wynwood Norte hits market for $25M
Dev site with retail-office building in Wynwood Norte hits market for $25M
Ben Mandell, Scott Sherman and Alex Karakhanian with Cube Wynwd (Tricera)
Tricera, Alex Karakhanian buy Redsky’s Cube Wynwd for $28M
Tricera, Alex Karakhanian buy Redsky’s Cube Wynwd for $28M
60 Northeast 27th Street with David Barry (Google Maps)
Ironstate pays $16M for Wynwood site, marking first property in Miami
Ironstate pays $16M for Wynwood site, marking first property in Miami
The Miami City Commission last week unanimously approved the Wynwood Norte Neighborhood Revitalization District. (Rendering via Plusurbia)
Wynwood Norte plan aims to spur new affordable housing development
Wynwood Norte plan aims to spur new affordable housing development
Keith Rabois and Peter Thiel with Wynwood Annex (Getty, Dwntwn Realty Advisors)
Founders Fund, Atomic and OpenStore ink long-term leases in Wynwood
Founders Fund, Atomic and OpenStore ink long-term leases in Wynwood
arrow_forward_ios

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

Loading...