Wynwood warehouse portfolio sells for $11M

Sellers traded for $111-square-foot premium over what they paid last year

Nov.November 13, 2015 12:00 PM

Two connected Wynwood warehouse properties and their parking lot, collectively named “Space by 3,” just sold for $11 million.

The properties, located near the southern border of Wynwood, were advertised as “creative warehouses” that can host anything from an art gallery and showroom to retail space and offices. Together, they have 17,963 square feet of space.

The addresses are 2105 North Miami Avenue and 2049 North Miami Avenue for the warehouses, which were built in 1920 and 1934, respectively. The 8,100-square-foot parking lot is located at 2047 North Miami Avenue.

Corporate records show the seller, Carol Invest U.S.A., is managed by Emanuela Verlicchi and Carolina Marazzi of Miami Shores — the same Italian family that owns Al Capone’s former mansion in Miami Beach. The two were represented by Tony Arellano of brokerage Metro 1, according to a news release.

The release identified the buyers as Wynwood Property Partners LLC, which is managed by real estate lawyer Evan D. Seif. The company’s true owners are not yet identified.

The buyer was represented by Mick Duchon of Douglas Elliman for the deal.

Arellano, the Metro 1 agent, said in the release that Wynwood’s recent zoning changes give the new ownership a blank slate for this space.

Both warehouses were recently given a total facelift with modern industrial finishes, landscaped patio and an old-timey red brick facade.

The three properties occupy roughly 35,900 square feet of land, or 0.82 acres. Carol Invest had first purchased the trio in May 2014 for $7 million, which breaks down to $195 per square foot. After 18 months, the investors raked in roughly $306 per square foot. — Sean Stewart-Muniz

Related Articles

From left: e.b. Solomont, Ron Shuffield, Mike Pappas, Oren Alexander and Phil Gutman

Unrealistic pricing bogs down Miami luxury condo market: TRD Showcase & Forum

(Credit: iStock)

South Florida Q3 resi sales a mixed bag, with inventory falling: Elliman

Join The Real Deal at its sixth annual Miami Showcase & Forum this week

La Social’s original location at 7601 Biscayne Boulevard (Credit: Google Maps)

The Weekly Dish: La Social to open in downtown Miami, Salt & Straw is going to Wynwood 25 & more

Tony Cho, Andres Nava and Valerio Morabito with 2143 Northwest First Avenue

Developer Valerio Morabito enters Wynwood market with $9M acquisition

A rendering of Arlo Wynwood

Quadrum Global plans Arlo hotel in Wynwood

From left: Jon Paul Perez, Alex Karakhanian, Tony Arellano and Devlin Marinoff over the site (Credit: Google Maps)

Related Group, Alex Karakhanian and partners drop $32M on Wynwood site

From left: Tony Arellano, Devlin Marinoff and 2729 Northwest Third Avenue

Miculitzki family lists property near Wynwood Walls for $18M