Block Capital Group buys Wynwood gallery for $6M

310 Northwest 24th Street, which is west of 250 Wynwood
310 Northwest 24th Street, which is west of 250 Wynwood

Block Capital Group has closed on an art gallery in Wynwood for $6 million, or $723 per square foot.

The buyer, a Miculitzki family and Cabi Developers joint venture, entered the Wynwood market earlier this year. Block Capital Group is working with architects to divide the 8,300-square-foot building into commercial spaces, spokesperson and broker Gaston Miculitzki told The Real Deal.

Miculitzki said the joint venture may bring on two food and beverage concepts, but would not disclose what they are. The building, at 310 Northwest 24th Street, is on the same block as 250 Wynwood. It sits on a 12,188-square-foot lot, which means  if sold for the land, it traded for $492 per square foot. Fortis Development, which developed 250 Wynwood, sold vacant land to the east for about $400 per square foot in November to RedSky Capital.

Central Commercial Real Estate broker Ari Dispenza, who has worked with Miculitzki before, represented the seller, 310 Warehouse Interests LLC.

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Property records show the single-story building last sold for $2 million in April 2013. The seller is managed by artist William Betts, who uses the space as a gallery. The building was constructed in 1953.

In October, a slate of changes to zoning and land use designations allowing for denser residential developments on roughly 205 acres in Wynwood went into effect.

Block Capital Group is partnering with the Related Group on a 1.2-acre development site along Northwest 26th and 27th streets. The firm also purchased a retail site bordering Wynwood and Midtown Miami for $13 million in November.