David Edelstein sells Wynwood properties for $13M

Properties along North Miami Avenue last sold for a combined $5M in June 2013

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.

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