CIM Group pays $17M for Wynwood Square property

Plans include 241 apartments, 60,290 sf of office space and 27,212 sf of retail space

Miami /
Nov.November 05, 2018 02:30 PM

Wynwood Square

CIM Group just paid $16.6 million for a 1.78-acre site in Wynwood where a 12-story mixed-use project is planned.

Los Angeles-based CIM Group, which has more than $29 billion in assets, bought the property for $214 per square foot at 2201 North Miami Avenue from One Real Estate Investment, according property records. According to a press release from CIM, the site is fully-entitled and One Real Estate Investment will be a co-developer on the property.

Miami-based One Real Estate Investment, led by Jeronimo Hirschfeld, sought to build a project called Wynwood Square, which would have 241 apartments, 60,290 square feet of office space, 27,212 square feet of retail and 481 parking spaces at the site.

Property records show Hirschfeld’s company bought the property for more than $15 million in 2015. But the company put the 77,580-square-foot site on the market in 2017. Hirschfeld previously said he invested several million dollars more in pre-development costs.

CIM is currently developing Caoba, a 444-unit, 43-story apartment tower in downtown Miami. Caoba is part of the Miami Worldcenter project in which CIM is also an owner and co-developer.

One Real Estate Investment did not immediately return a request for comment.


Related Articles

arrow_forward_ios
Merrimac's Dev Motwan, Aria’s David Ardit and Merrimac’s Nitin Motwani with rendering of 600 Miami Worldcenter (LinkedIn, Miami Worldcenter)
Aria, Merrimac nab Miami Worldcenter site for $18M
Aria, Merrimac nab Miami Worldcenter site for $18M
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
River Landing Shops and Residences with Andrew Hellinger and Coralee Penabad of Urban-X Group (UrbanX)
Lease roundup: Urban-X, Motwani, Falcone, CIM Pebb score tenants
Lease roundup: Urban-X, Motwani, Falcone, CIM Pebb score tenants
Rishi Kapoor and Alex Witkoff
“We’re at the teenage years of Miami”: Next gen developers see opportunity
“We’re at the teenage years of Miami”: Next gen developers see opportunity
Amir Korangy, Michael Shvo and Jeff Greene
Michael Shvo and Jeff Greene talk distress, opportunities in office
Michael Shvo and Jeff Greene talk distress, opportunities in office
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
Rihanna and renderings of the Miami Worldcenter and the leased Savage X Fenty Storefront (Getty, Miami Worldcenter)
Lease roundup: Rihanna’s Savage X Fenty signs at Miami Worldcenter
Lease roundup: Rihanna’s Savage X Fenty signs at Miami Worldcenter
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...