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
UOVO Founder Steven Guttman (UOVO)
UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
Chef Jorge Kauam and 310 Northwest 25th Street 
Investors team up with pastry chef and chocolatier for planned Wynwood market
Investors team up with pastry chef and chocolatier for planned Wynwood market
RedSky Capital’s Benjamin Bernstein and 2159 Northwest First Court (Redsky, Google Maps, iStock)
Fisher Brothers pays $18M for Wynwood assemblage owned by RedSky venture
Fisher Brothers pays $18M for Wynwood assemblage owned by RedSky venture
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Asi Cymbal and 3466 North Miami Avenue (Cymbal)
Dev site with retail-office building in Wynwood Norte hits market for $25M
Dev site with retail-office building in Wynwood Norte hits market for $25M
Ben Mandell, Scott Sherman and Alex Karakhanian with Cube Wynwd (Tricera)
Tricera, Alex Karakhanian buy Redsky’s Cube Wynwd for $28M
Tricera, Alex Karakhanian buy Redsky’s Cube Wynwd for $28M
60 Northeast 27th Street with David Barry (Google Maps)
Ironstate pays $16M for Wynwood site, marking first property in Miami
Ironstate pays $16M for Wynwood site, marking first property in Miami
Miami Worldcenter Associates' Nitin Motwani, Abbhi Capital founder Sankesh Abbhi and a rendering of the site (Photos via Miami Worldcenter, Abbhi)
Miami Worldcenter developer sells 1-acre lot to Abbhi Capital, doubling its site
Miami Worldcenter developer sells 1-acre lot to Abbhi Capital, doubling its site
arrow_forward_ios

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

Loading...