UPDATED, Dec. 21, 6:30 p.m.: Seizing an opportunity for a gateway site in Wynwood, Forte Capital Management led a $6.4 million acquisition of a corner property in Miami’s trendy neighborhood.
Chaim Cahane, president of New York-based Forte Capital, told The Real Deal that his firm bought the 14,000-square-foot retail building at 2830 Northwest Fifth Avenue. The deal received roughly 70 percent financing from Hollywood-based Sheridan Capital, led by Aaron Kurlansky.
Miami-based Lndmrk Development, headed by Alex Karakhanian, is the seller, and will retain a minority interest in the property, Cahane said. Tony Arellano and Devlin Marinoff with DWTWN Realty Advisors brokered the deal, representing the seller and the buyer.
Forte Capital plans on converting the vacant retail building into creative offices, Cahane said.
“We think Fifth Avenue has an opportunity to be the main street in Wynwood with all the development planned around it,” Cahane said. “We like that the property is a gateway asset and are looking forward to repositioning it.”
Cahane said Forte Capital bought the property at an attractive price, despite competing offers. “Due to the attractive structure I came up with and our existing relationship with Lndmrk on other deals, we decided to work together,” he said.
In a statement, Arellano noted that the adaptive reuse site features private gated parking, high ceilings and quick access to highways.
A Lndmrk affiliate paid $4 million for the property in 2017. Completed in 1950, the building is within walking distance of 545wyn, a nearly completed new office building developed by Sterling Bay Properties.
The pandemic hasn’t slowed down development in Miami’s hottest neighborhood. Lndmrk is also partnering with TriStar Capital, Tricera Capital and Related Group to build a residential project with more than 300 units at 2700 Northwest Second Avenue. The partnership paid $26.5 million for the redevelopment site in September.
Roughly two blocks away, Lndmrk, Tricera and Related teamed up to develop Dorsey Wynwood, a mixed-use project that will have apartments, commercial space, office space and amenities.
Builders Rilea Group and Promanas Group are planning to build a 127-unit short-term rental project at 94 and 100 Northeast 29th Street and 101 Northeast 28th Street. And Italian firm Bel Invest and Diesel recently launched sales for the 159-unit Wynwood Diesel Condominium at 148 Northwest 28th Street.