Grails Sports Bar buys its Wynwood building

Grails paid $877 psf for their Wynwood building

Dec.December 18, 2019 12:30 PM
Grails Sports Bar, Tony Arellano and Devlin Marinoff

Grails Sports Bar, Tony Arellano and Devlin Marinoff

Grails Sports Bar in Wynwood paid $6.4 million to purchase its building.

The bar, owned by Oscar Ortega, Hector Acevedo, Eddie Fuentes, and Manuel Picon, paid $877 per square foot for the building and about $563 per square foot for the land at 2800 North Miami Avenue, according to the brokers involved in the sale.

Grails is owned by the same people behind Cocktail Cartel and Grails’ sister restaurant Spanglish Craft Cocktail Bar + Kitchen, according to the Miami New Times.

Joey Fernandez, Devlin Marinoff and Tony Arellano of Dwntwn Realty Advisors brokered both sides of the deal. They handled the initial lease, and converted it to a sale, Arellano said.

Property records show Atlas Capital Group, led by Jeffrey A. Goldberger, sold the 7,300-square-foot building. The New York-based investment, development and management firm paid $3.7 million for the property in 2014.

Grails, with two bars, more than 60 TVs and a patio, opened in November.

About two years ago, Atlas Capital Group sold an approved development site in Miami’s Arts & Entertainment District for $18.4 million, or $435 per square foot.

A number of new hotels, apartment buildings, office projects and mixed-use developments are underway in Wynwood. Miami Beach-based Lucky Shepherd recently announced plans to purchase the Art by God store site to build Shepherd Eco Wynwood, a 150-room hotel with a residential component.

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