Make it work! Fabrics store of Project Runway fame buys Midtown Miami buildings

Mood Fabrics plans to renovate the buildings

Miami /
Jun.June 20, 2019 12:30 PM

The Midtown Miami building and Jordan Gimelstein of Dwntwn Realty Advisors

New York’s Mood Fabrics, featured in Bravo’s “Project Runway,” is heading to Miami.

The famed fabrics store, owned by the Sauma family, paid $7.13 million, or about $678 per square foot, for two buildings across the street from the Shops at Midtown Miami, near the Design District, The Real Deal has learned.

Dwntwn Realty Advisors broker Jordan Gimelstein represented Sauma Properties of Miami, as well as the seller, Edith Wigoda. The fashion fabric company plans to open a flagship Miami store at the adjacent properties, at 3550 North Miami Avenue and 24 Northwest 36th Street.

The deal includes about 10,500 square feet of building space on nearly 17,800 square feet of land at the corner of North Miami Avenue and 36th Street. It closed on Wednesday.

One of the Midtown properties was originally listed for lease, but Sauma Properties was interested in purchasing both buildings, Gimelstein said. Companies led by Wigoda paid a combined $3.9 million for the buildings in 2012, according to property records.

Mood Fabrics will be renovating the buildings. The property at 24 Northwest 36th Street is currently leased to Mattress 1, and the main building previously housed an office and art gallery.

Mood Fabrics opened in New York’s Garment District in 1991, expanding a decade later to a 40,000-square-foot space at 225 West 37th Street. It was first featured on “Project Runway” in 2002, and opened a store in Los Angeles five years later.

The Miami headquarters will be blocks away from the Design District, where new high-end stores and restaurants continue to open. In all, Miami Design District Associates, a partnership between Craig Robins’ Dacra and L Catterton Real Estate, is developing 1 million square feet of space and has development rights to another 1.5 million to 2 million square feet on its remaining property, Robins has said.


Related Articles

arrow_forward_ios
Brick + Timber principals Glenn Gilmore and Jesse Feldman and photo of the building at 2724 and 2734 Northwest First Avenue in Wynwood (LinkedIn, FutureVision Studios)
Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building
Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building
Cabot Properties' Franz Colloredo-Mansfeld with Miramar Centre Business Park (Cabot, iStock) Lease, Logistics
Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
Conlon & Co's Sean Conlon with 206 Clematis Street (Loopnet, Conlon)
Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
From left: Scott Sherman and Ben Mandell (Tricera Capital, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Tricera Capital co-founder Ben Mandell buys out partner Scott Sherman
Tricera Capital co-founder Ben Mandell buys out partner Scott Sherman
From left: David Edelstein, Alex Karakhanian and Victor Ballestas in front of the property at 3601 North Miami Avenue (Lndmrk Development, Tricap, Integra Investments, LoopNet)
David Edelstein, partners buy Design District dev site, plan office tower
David Edelstein, partners buy Design District dev site, plan office tower
Nuveen CEO Jose Minaya and 801 Brickell Avenue in Miami (Nuveen, Colliers)
Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
An aerial of the Mainstreet at Boynton with Banyan Development principal Jason Sher and Pebb Enterprises CEO Ian Weiner (LinkedIn, Pebb Enterprises, Aerial via Andy Traficante – Atlantic Aerial Imaging)
Pebb, Banyan sell Wawa-leased building at Mainstreet at Boynton
Pebb, Banyan sell Wawa-leased building at Mainstreet at Boynton
O’Connor Capital's William O’Connor and 151 Worth Avenue (O’Connor Capital Partners, Google Maps)
Ex-Neiman Marcus building on Palm Beach’s Worth Avenue trades for $78M
Ex-Neiman Marcus building on Palm Beach’s Worth Avenue trades for $78M
arrow_forward_ios

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

Loading...