Block Capital Group, a joint venture between the Miculitzki family and Cabi Developers, paid $5.8 million for the King Automotive site in Wynwood with plans for a retail/restaurant redevelopment.
Records show Leon and April Wegman sold the properties at 260 Northwest 28th Street and 255 Northwest 27th Terrace to Wynwood Spaces 2 LLC. Wegman operated the repair shop for more than 50 years, and told the Miami New Times earlier this year he sold it for more than 100 times what he paid. Previous sales information is not available.
The 4,000-square-foot building sits on a nearly 10,000-square-foot lot. It was built in 1947.
Block Capital hired Arquitectonica and will present new plans to the city of Miami next week, Gaston Miculitzki told The Real Deal. He said future plans could include a market, restaurant/cafe and retail space with asking rents at about $65 per square foot, triple net, depending on the size of the spaces.
BM2 Realty and Central Commercial Realty represented Block Capital Group, and Jose Grullon of ISG represented the seller, Miculitzki said.
Block Capital is partnering with the Related Group on a mixed-use apartment project called Wynwood 26, also designed by Arquitectonica. This summer, Vitality Holding, managed by Martin Miculitzki, bought a nearly 18,000-square-foot building on Northwest 25th Street with plans to bring in new tenants. The Miculitzkis also own property near the Shops at Midtown Miami, in addition to other sites in Wynwood.