The Real Deal Miami

Wynwood portfolio hits market at $50M as mixed-use dev site

The 1.7-acre property is being sold by the family trust of William and Doris Friedopfer
By Keith Larsen | January 17, 2019 12:30PM

From left: Michael Fay and John K. Crotty (Credit: Avision Young) 

UPDATED, Jan. 17, 3:05 p.m: A portfolio of eight properties in Wynwood is on the market for $50 million, offered as a potential site for a major mixed-use project with apartments, a hotel, Class A office and retail space.

The 1.7-acre portfolio includes 146 and 153 Northwest 25th Street, 2431-2455 Northwest 2nd Avenue, and 172 Northwest 25th Street and includes industrial and retail buildings.

Avison Young’s Florida Capital Markets team of John Crotty, Michael Fay, David Duckworth, George Vail and Brian de la Fé was tapped to sell the portfolio, owned by the family trust of Doris Friedopfer. The properties were previously on the market unpriced by Cushman & Wakefield, but the brokerage was unable to secure a deal with a buyer.

Listing the portfolio with a price makes it more attractive to potential buyers because it shows the seller is more serious about selling, according to Crotty, who is responsible for spearheading the marketing of the property.

Crotty and Fay said they believe the potential buyer will likely be a large national real estate developer who will look to turn the properties into a major mixed-use project with apartments, retail and Class A office space and a hotel. It it zoned as a T-5 zoning which would allow for 240 multifamily units, Crotty said. A new developer could also build 38,250 square feet of office and 14,240 square feet of retail.

The properties are in the heart of Wynwood, where asking retail rents have spiked to $100 per square foot, according to Fay and Crotty. The site is within walking distance from the Wynwood Walls and other popular food destinations like Coyo Taco and Panther Coffee.

A number of new projects are being proposed in Wynwood, including the 65,000-square-foot Cube Wynwd office and retail project that is expected to be completed this year. Related Group’s 285-unit Wynwood 25 is also set to be completed this year.

In addition, Sterling Bay recently closed on an $81 million construction loan for 545wyn in December, a mixed-use project it is planning in Wynwood. The building will include 298,000 square feet of Class A office space, 26,000 square feet of retail space and 420 parking spaces.