UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy

Buyer also is building a 50K sf facility near West Palm Beach

Miami /
May.May 06, 2021 08:45 AM
UOVO Founder Steven Guttman (UOVO)

UOVO Founder Steven Guttman (UOVO)

Making a bet on South Florida’s growth as an art mecca, New York-based UOVO bought a local art logistics provider and its storage centers in Miami and West Palm Beach for $50 million.

UOVO, led by Miami-based real estate developer Steven Guttman, bought Museo Vault, including its art storage facility in Miami, five art transport vehicles and an in-house crafting shop, according to a news release.

This added 90,000 square feet of art storage to UOVO’s portfolio, at a facility at 346 Northwest 29th Street in Wynwood and at a leased facility at 400 Northpoint Parkway in West Palm Beach. UOVO assumed the lease. Both are climate-controlled, and the Miami center is 18 feet above sea level and built to withstand a Category 5 hurricane.

UOVO also is building its own 50,000-square-foot facility at 4200 Westgate Avenue near West Palm Beach, according to a spokesperson.

Museo Vault, led by David Lombardi, was founded in 2008 as a result of South Florida’s growth as an arts scene.

Guttman, who also is an art collector, is capitalizing on this growth, as Miami and West Palm Beach have attracted numerous New York galleries, according to the release.

UOVO has 750,000 square feet of art storage at seven centers in New York, Delaware and Florida, serving galleries, museums, individual artists, designers and fashion houses, and archives.

The entry price to store with UOVO is $195, the spokesperson said.

The centerpiece of Miami’s annual Art Week in December is Art Basel at the Miami Beach Convention Center, but the event was canceled last year because of the pandemic. Although some galleries hosted virtual exhibits, the cancelation was a major blow to the local hotel market.

In past years, brokers used the influx of tourists to host private events to show off their multi-million dollar listings. Art Basel is expected to return this year.





    Related Articles

    arrow_forward_ios
    Conlon & Co's Sean Conlon with 206 Clematis Street (Loopnet, Conlon) 18 Million, West Palm
    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
    LBCW Investments' Clay Hamlin III with 1100 25th Street and 1426 Skees Road (Loopnet, LBCW)
    Industrial play: Alliance HP trades one West Palm complex for another
    Industrial play: Alliance HP trades one West Palm complex for another
    Rise at Brickell City Centre at 88 SW 7 Street in Miami (Condos.com)
    Closing at Rise tops Miami-Dade’s weekly condo sales
    Closing at Rise tops Miami-Dade’s weekly condo sales
    David Barry, principal, Ironstate Development along with a rendering of the proposed eight-story building between Northeast 26th and 27th Streets in Wynwood (Ironstate, 5G Studio Collaborative)
    Developer proposes Urby-branded apartments on former Art by God site in Wynwood
    Developer proposes Urby-branded apartments on former Art by God site in Wynwood
    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
    Michael Krymchantowski and a rendering of the Krymwood Hotel at 176 Northwest 28th Street (MKDA, Krymwood, iStock)
    Brazilian investor gets Miami board’s OK to build Wynwood hotel
    Brazilian investor gets Miami board’s OK to build Wynwood hotel
    Faena House at 3315 Collins Avenue in Miami Beach (Condos.com)
    Faena House closing tops Miami-Dade’s weekly condo sales
    Faena House closing tops Miami-Dade’s weekly condo sales
    Pantzer's Jason and Jordan Pantzer with The District Flats apartment complex at 1701 Clare Avenue (Pantzer Properties, Google Maps)
    Pantzer pays $78M for West Palm Beach apartment complex
    Pantzer pays $78M for West Palm Beach apartment complex
    arrow_forward_ios

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

    Loading...