Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M

Short-term rental operator Domio signed 10-year lease in late 2019

Miami /
Oct.October 20, 2020 11:30 AM
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)

Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)

The Related Group and its partner, Block Capital Group, are looking to sell their apartment-hotel in Wynwood, which has a whisper price of $90 million.

Domio has a master lease for the 175-unit mixed-use building at 51 Northwest 26th Street in Miami. The short-term rental operator signed a 10-year lease with two five-year extension options nearly a year ago for the building, its flagship location in Miami.

Roberto Pesant

Roberto Pesant

The property includes 28,700 square feet of retail space, which is about 18 to 20 percent leased, said listing brokers Roberto Pesant and Jaret Turkell of Berkadia. The two investment sales brokers are listing the building for sale with the whisper price, along with Berkadia’s Scott Wadler. Related declined to comment.

Block Capital, led by the Miculitzki family, and Related completed the building last year. It’s the first hotel to open and operate in Wynwood, though a number of projects are in the pipeline, including a Moxy by Marriott hotel at 255 Northwest 25th Street.

“There’s a huge market for this,” Pesant said.

Jaret Turkell

Jaret Turkell

Lenny Kravitz’s Kravitz Design designed the amenity spaces and public areas, and Arquitectonica designed the building. It includes a 233-space parking garage with bicycle storage; a rooftop terrace with a pool, amenity deck, outdoor kitchen and dining area; and a gym and health club. The units feature Italian kitchens and vanities, stainless steel appliances, washers and dryers, walk-in closets and keyless entry.

Domio Wynwood has performed “remarkably well,” Pesant said, opening last year in time for Art Basel, as well as operating during the Super Bowl in February. Throughout the pandemic, the building has been at least 50 percent leased, the brokers said. At one point, the building rented a number of units to Jackson Hospital to house employees.

Scott Wadler

Scott Wadler

The building was designed as a traditional multifamily building, and the developers decided to master-lease the property to a short-term rental operator during construction. Pesant and Turkell said it could eventually be converted back to multifamily.

Some hotel owners across the country are considering alternative uses for their properties, as occupancy and travel remain low, now seven months into the pandemic.

New York-based Domio entered the South Florida market in 2019 when it signed a $1.45 million deal to lease 45 units at the beachfront Monte Carlo in Miami Beach. It competed against companies such as Mint House, Sonder and Stay Alfred to lease the Wynwood building.





    Related Articles

    arrow_forward_ios
    Russell Galbut in front of 1030-1050 Sixth Street in Miami Beach (LoopNet, GFO Investments)
    Russell Galbut buys dev site near Five Park in South Beach, plans hotel
    Russell Galbut buys dev site near Five Park in South Beach, plans hotel
    Spot On Ventures' Robin Brown with The Hampton Inn by Hilton (LinkedIn, Hampton Inn)
    Spot On Ventures buys Miami Beach Hilton-branded hotel for $44M
    Spot On Ventures buys Miami Beach Hilton-branded hotel for $44M
    R & B Realty’s Shelby Rosenberg and The Gateway at Wynwood (R & B Realty Group, iStock)
    Lease roundup: The Gateway at Wynwood scores three new tenants
    Lease roundup: The Gateway at Wynwood scores three new tenants
    409 Southeast Eighth Street in Fort Lauderdale with Related Group CEO Jorge Pérez and President Jon Paul Pérez and Henry Pino, principal at Alta Development (Google Maps, Alta Development)
    Jorge Pérez’s Related, Henry Pino pay $15.5M for Fort Lauderdale dev site
    Jorge Pérez’s Related, Henry Pino pay $15.5M for Fort Lauderdale dev site
    Michael Stern with rendering of 1 Southside Park (DS Development Group and SHoP Architects)
    Michael Stern’s JDS lands $86M loan for planned mixed-use Brickell high-rise
    Michael Stern’s JDS lands $86M loan for planned mixed-use Brickell high-rise
    A photo illustration of 85 Northeast 27th Street (top) and 100 Northeast 28th Street (bottom) (LoopNet, iStock)
    Block Capital sells two Wynwood buildings for $19M
    Block Capital sells two Wynwood buildings for $19M
    Aria Development Group's David Arditi and YotelPad Miami (YotelPad Miami, Aria Development Group, iStock)
    YotelPad Miami owners discover they can’t rent their units out daily as promised
    YotelPad Miami owners discover they can’t rent their units out daily as promised
    From left: Scott Robins, Scott Srebnick and Philip Levine along with renderings of the Core Wynwood office building (left) and a proposed five-story apartment building (right) (Arquitectonica, Goldman Properties, Perkins&Will, City of Miami Beach, Public domain/via Wikimedia Commons, iStock)
    Goldman Properties, JV of Scott Robins and Philip Levine propose Wynwood projects
    Goldman Properties, JV of Scott Robins and Philip Levine propose Wynwood projects
    arrow_forward_ios

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

    Loading...