JSRE Acquisitions adds to Wynwood portfolio with $5.7M buy

Miami /
Mar.March 31, 2016 09:45 AM

After buying a retail block along Wynwood’s Northwest Second Avenue, New York-based JSRE Acquisitions has acquired an adjacent building for $5.65 million.

County records show the 4,131-square-foot warehouse at 194 Northwest 24th Street traded hands for $1,367 per square foot. Trendy Properties LLC sold the property to 194-196 Wynwood LLC, an entity that ties back to the owner next door.

Eric Gonzalez, co-founder of Central Commercial Real Estate, represented the seller in the off-market deal. Devlin Marinoff, managing director of Whitehall Realty Advisors, and Tony Arellano, executive vice president of Metro 1 Commercial, represented the buyer.

Property records show Trendy Properties bought the 7,137-square-foot plot in 2004 for $182,500 and built the two-story building in 2007. It was on the market for lease only, listings show. The seller, controlled by Enrique Lopez and Irma Martinez, formerly occupied the space as a production studio.

Earlier this month, JSRE paid $35 million to buy three buildings between 23rd and 24th streets along Northwest Second Avenue where tenants include Shinola and Etra Fine Art. Together with this week’s acquisition, JSRE owns 25,489 square feet of buildings and 29,734 square feet of land in Wynwood.

New zoning changes to the artsy neighborhood increased commercial activity in Wynwood.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.

The firm also owns property at 716-720 Lincoln Road where it spent about $35 million in 2014.


Related Articles

arrow_forward_ios
Renderings of Wynwood Haus with TSG Managing Partner Camilo Lopez and Lineaire Group Partner Diego Bonet (Lineaire Group)
Bridge Investment joins Wynwood Haus multifamily development group
Bridge Investment joins Wynwood Haus multifamily development group
Rendering of the Dorsey with Alex Karakhanian, Jon Paul Perez and Tricera’s Scott Sherman and Ben Mandel (iStock)
Related scores $88M construction loan for Dorsey project in Wynwood
Related scores $88M construction loan for Dorsey project in Wynwood
Ben Bernstein and Ryan Shear with a rendering of the project at 2407 Northwest 2nd Avenue, Miami (RedSky, PMG, Google Maps)
PMG adds to assemblage of planned Society Wynwood project
PMG adds to assemblage of planned Society Wynwood project
Goldman Properties' Jessica Goldman Srebnick with 2501 Northwest 5th Avenue and the lot at 413 Northwest 25th Street, Miami (Getty, iStock)
Goldman Properties buys Wynwood property for discounted $5M
Goldman Properties buys Wynwood property for discounted $5M
Pharrell Williams and David Lerner with a photo of 2545 Northwest Third Avenue and a rendering of the Billionaire Boys Club exterior (Getty, Google Maps, Lerner Family Properties)
Pharrell’s Billionaire Boys Club to open store in Wynwood
Pharrell’s Billionaire Boys Club to open store in Wynwood
Angel Febres, partner, Homecookin’ Hospitality and Metro 1 Managing Director Andres Nava
Wynwood nightclub building hits the market
Wynwood nightclub building hits the market
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)
Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M
Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M
From left: Benjamin Bernstein, Pan Shiyi, and Zhang Xin (Credit: Google Maps, Dickson Lee/South China Morning Post via Getty Images)
Lender closes on RedSky and JZ’s Wynwood assemblage
Lender closes on RedSky and JZ’s Wynwood assemblage
arrow_forward_ios

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

Loading...