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.