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
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.