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

Wynwood Square
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.

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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.