East End Capital adds to Wynwood assemblage with $14.5M purchase

Miami /
Dec.December 20, 2016 03:00 PM

East End Capital paid $14.5 million for three warehouses in Wynwood, properties that are next to the developer’s planned mixed-use project. 

New York and Miami-based East End closed on the buildings at 310-318 Northwest 25th Street in Miami. They total just under 20,000 square feet of building space and 26,700 square feet of land, including a 6,000-square-foot parking lot. The deal comes out to about $725 per square foot for the warehouse space and $543 a foot for the land.

Andy Charry of FIP Realty and Marcus & Millichap’s Jon Gerszberg brokered the off-market deal, Charry told The Real Deal.

Property records show Kyung J. Bae and the Young Jin Bae Partnership are the sellers. They paid $250,600 for the two parcels in 1992. Charry said the sellers were “legacy owners looking to finally cash out.”

East End plans to lease the warehouses, built in 1951, for a large footprint user with outdoor space and parking. A shared-street concept called a “woonerf” has also been proposed for that intersection.

The warehouses are adjacent to where the developer plans to build Wynwood 25, a 289-apartment, 400,000-square-foot mixed-use project 31,000 square feet of ground floor retail and 340 parking spaces. The Miami Urban Design Review Board approved those plans in July, and the developer plans to break ground during the first quarter of 2017.

“At the end of the day, they were the natural buyers. They can now do a much nicer development,” Charry told TRD. “It’s right at the intersection of 25th and Third so in terms of location, it’s superior to anywhere on 25th [Street].”

East End, led by director Marc Gitto, has been active in Wynwood, downtown Miami and Miami Beach. The company completed the Wynwood Arcade, an adaptive re-use project on 24th Street, in the summer, and purchased the office building at 100 Biscayne for $84 million in October.


Related Articles

arrow_forward_ios
Renderings of The Wynwood Plaza with L&L’s David Levinson and Robert Lapidus, Oak Row’s Erik Rutter and David Weitz, Marcelo Claure and Shorenstein’s Matt Knisely
Wynwood Plaza project scores $215M construction loan
Wynwood Plaza project scores $215M construction loan
A photo illustration of Jackie Soffer and Rock Soffer along with the Wynwood properties (Getty, Google Maps, Turnberry Associates)
Turnberry turns to Wynwood, plans mixed-use hotel project
Turnberry turns to Wynwood, plans mixed-use hotel project
Brick & Timber’s Glenn Gilmore and Jesse Feldman, Lndmrk Development’s Alex Karakhanian and Tricera Capital’s Ben Mandell with Cube Wynwd (LinkedIn, Tricera, Lndmrk Development, Getty, Google Maps)
Brick & Timber closes on $62M purchase of Cube Wynwd
Brick & Timber closes on $62M purchase of Cube Wynwd
A street view of the development site at 475 Northwest 36th Street in Wynwood Norte with Evolve Companies’ Joe McKinney and Mike Winstead Jr. (Google Maps, Evolve Companies)
Evolve doubles down on apartment development in Wynwood Norte
Evolve doubles down on apartment development in Wynwood Norte
Moishe Mana with Mana Wynwood (Getty, Google Maps)
Moishe Mana scores $275M credit line for Wynwood portfolio
Moishe Mana scores $275M credit line for Wynwood portfolio
Photo illustration of Bazbaz Development's Sonny Bazbaz along with a rendering of the planned development at 2134 North Miami Avenue in Wynwood (Getty, Bazbaz Development, LoopNet)
Bazbaz buys Wynwood development site for mixed-use project
Bazbaz buys Wynwood development site for mixed-use project
Third Point’s Dan Loeb and Livwrk's Asher Abehsera 2050 North Miami Avenue (Third Point, Livwrk, Google Maps, Getty)
Billionaire Dan Loeb selling Wynwood site to Brooklyn developer
Billionaire Dan Loeb selling Wynwood site to Brooklyn developer
Andrew Zobler with a rendering of the NoMad Residences project in Wynwood
Farsighted: Andrew Zobler talks hotel market, surviving the dip and more
Farsighted: Andrew Zobler talks hotel market, surviving the dip and more
arrow_forward_ios

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

Loading...