A partnership between Link Real Estate and Jameson Equities paid $5.4 million for a building in Wynwood where it’s planning a creative office project.
The Schenker family, which operated a printing press at the building, sold the property at 2509 North Miami Avenue, Lombardi Properties broker Jonathan Eismann told The Real Deal. Eismann had the site on the market for $6.5 million. Andy Charry of FIP Realty brought the buyers.
Pioneer Announcements operated out of the three-story, 22,000-square-foot building for more than 60 years, Eismann said. Property records show the Schenker family paid $94,000 for the 13,600-square-foot site in 1971. It’s zoned T-6-8 O, which means it can be developed into at least an eight-story project.
The New York- and Miami-based companies plan to gut-renovate the building and convert it to office space, a project that should take about a year, according to Link’s Dan Arev. The partnership financed the purchase with a loan from Ready Capital, arranged by David Cohen.
Office development in Wynwood is limited to a handful of projects, like RedSky Capital’s Cube Wynwyd.
“Right now, there’s nowhere to lease good office space in Wynwood,” Arev said. “You’re forced to go into retail space.”
Spaces will range from 1,800 square feet to full floors with 6,000 square feet. Asking rent is about $45 per square foot. A retail component is also planned for the ground floor, Richard Serure of Jameson Equities said.
A Jameson and Link joint venture also bought 151 Northwest 24th Street in Wynwood.