Miculitzki family lists property near Wynwood Walls for $18M

Miculitzkis’ Block Capital Group paid $11M for the buildings in 2017

Sep.September 24, 2019 03:30 PM
From left: Tony Arellano, Devlin Marinoff and 2729 Northwest Third Avenue

From left: Tony Arellano, Devlin Marinoff and 2729 Northwest Third Avenue

Block Capital Group, owned by the Miculitzki family, is looking to sell a retail property near the Wynwood Walls for $18 million.

295 Wynwood LLC, led by Martin Miculitzki, gut-renovated the property at 2729 Northwest Third Avenue and leased the 9,616-square-foot building to Bfyne, a clothing store; Giache Crepes; and D’Cajon, a restaurant. The property fronts Third Avenue, one of the streets where a woonerf is planned – a Dutch-inspired, pedestrian-friendly street.

Tony Arellano and Devlin Marinoff of Dwntwn Realty Advisors are co-listing the property with Gaston Miculitzki of BM2 Realty. They said that the Miculitzkis are looking to develop larger mixed-use projects, similar to the Bradley.

The Bradley is a mixed-use, 175-unit apartment development that Related and Block Capital Group are building at 51 Northwest 26th Street in Wynwood. It’s expected to be completed later this year.

Arellano and Marinoff are reaching out to high net-worth individuals, family offices, and real estate investment funds to sell the Third Avenue property.

The property has a net operating income of about $826,000 a year, with an average per-square-foot rent of nearly $86 per square foot. The tenants all have long-term leases.

The building is across the street from Goldman Properties’ Wynwood Garage, where WeWork and Punch Bowl Social are tenants.

Block Capital, which is also led by Gustavo Miculitzki, paid $11 million for the property in 2017.

In addition to the Bradley, Block Capital is working with Kushner Companies to develop two mixed-use projects on 1.5 acres at 127 Northwest 27th Street and 129 Northwest 26th Street. They will have a total of 152 rental apartments, 50,000 square feet of office space, 34,000 square feet of retail space and parking.

A number of office, retail and multifamily developments are underway in Wynwood. Related and East End Capital recently completed Wynwood 25 and the Wynwood Annex on 25th Street, west of Northwest Second Avenue.

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