Art gallery in Wynwood sells for $10.8M

Miami /
Jul.July 17, 2015 09:45 AM

A half-acre property in Wynwood has sold for more than three times its last sale price in 2008, Miami-Dade County records show.

The two parcels at 2534 North Miami Avenue and 26 Southwest 26th Street sold for $10.8 million to a company led by Jonathan Bernstein. Bernstein, who has his own consulting company, is also managing director and general counsel of Coventry Real Estate Advisers, a real estate investment manager in New York.

C1 Bank granted the buyer a $6.2 million mortgage, records show. The 18,870-square-foot building previously housed the Zadok Art Gallery. Zadok Real Estate Holdings is the seller.

The 23,950-square-foot property includes a parking lot. The parcels last sold for $3.2 million in July 2008, according to Miami-Dade property records. The two-story building was constructed in 1950 and recently underwent a multimillion-dollar renovation, according to a press release. The first floor is currently arranged for retail or a showroom, while the second floor is set up as office space.

The buyer, Badjer LLC, was represented by Michael Tobin, a partner in Rothman & Tobin PA., which plans to lease the building for retail. The seller was represented by Ivo Tsinev and Achikam Yogev of Colliers International South Florida.

“Wynwood originally began as a warehouse and manufacturing district, and is now a popular arts destination,” Yogev said in a statement. “Retailers are aggressively pursuing locations in Wynwood, causing it to become a rapidly developing area that’s gaining strength in the retail market.”

Investors are awaiting potential upzoning of Wynwood.

The city of Miami’s Planning, Zoning and Appeals Board recently approved a slate of changes to zoning and land use designations that would allow denser residential developments on roughly 205 acres in Wynwood. The recommendations must still be finalized by the city commission.


Related Articles

arrow_forward_ios
AJP Real Estate’s Alberto Pérez and Thor Equities’ Joseph Sitt with Wynwood Walk and MedSquare Health medical offices ( AJP Real Estate, Thor Equities)
Lease roundup: AJP, Mas fully lease Kendall medical offices
Lease roundup: AJP, Mas fully lease Kendall medical offices
2100 Northwest Miami Court, 2101 Northwest First Avenue and 2127 Northwest First Avenue (Google Maps, Getty)
Another Wynwood dev site hits market asking above $30M
Another Wynwood dev site hits market asking above $30M
Block Capital Group's Gustavo Miculitzki and a rendering of the proposed five-story, 17-unit apartment project at 91 Northwest 27 Street in Miami’s Wynwood (MKDA)
Block Capital proposes 17-unit Wynwood apartment project
Block Capital proposes 17-unit Wynwood apartment project
Evolve's Mike Winstead Jr. and Joe McKinney with rendering of the Evolve's Wynwood project (Evolve Companies, CTD Architecture)
North Carolina firm plans 141-unit Wynwood apartment project
North Carolina firm plans 141-unit Wynwood apartment project
Brick & Timber's Glenn Gilmore and Jesse Feldman with 215 NW 24th Street (LinkedIn, Brick & Timber, Google Maps)
Lease roundup: Brick & Timber, UBS nab tenants
Lease roundup: Brick & Timber, UBS nab tenants
Cube Wynwd, Ken Griffin and a Windstar Cruiseship (Google Maps, Getty, Windstar Cruises)
South Florida by the numbers: Headquarters heading here
South Florida by the numbers: Headquarters heading here
Thor Equities' Joe Sitt rendering of 2724 Northwest Second Avenue (Thor Equities, DWNTN Realty Advisors)
Thor Equities lists Wynwood dev site for $32M
Thor Equities lists Wynwood dev site for $32M
View of the buildings at 612, 817 and 815 Lincoln Road in Miami Beach and Terranova’s Stephen Bittel (Google Maps, Terranova Corp)
Lease roundup: Terranova, Millennium, R&B, Duke nab tenants
Lease roundup: Terranova, Millennium, R&B, Duke nab tenants
arrow_forward_ios

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

Loading...