Wynwood office, retail and parking portfolio hits market for $28M

Miami real estate investor Steve Rhodes developed three-story building and renovated adjacent one-story warehouse

Miami /
Mar.March 11, 2022 10:30 AM

Rokk3r’s Steve Rhodes (DWNTWN Realty Advisors, Rokk3r)

A Wynwood real estate investor is looking to cash out of an office, retail and parking portfolio in Miami’s hottest neighborhood.

An entity managed by Steve Rhodes is listing a three-story office and retail building at 2121 Northwest Second Avenue and a one-story retail building at 2085 Northwest Second Avenue, as well as a parking lot at 172 Northwest 21st Street that can be a development site. Rhodes’ asking price is $27.5 million, according to a brochure prepared by DWNTWN Realty Advisors, which is marketing the portfolio.

Rhodes, who has sold other properties in Wynwood and Miami’s Little River neighborhood in the last six years, did not respond to phone messages seeking comment. Devlin Marinoff with DWNTWN Realty Advisors told The Real Deal that the two buildings and the parking lot are the last assets Rhodes owns in Wynwood.

“He is exiting [the Wynwood market],” Marinoff said. “It is a phenomenal opportunity to buy cash flowing assets on Northwest Second Avenue.”

In 2013, Rhodes’ entity, 170 NE 40 Street Inc., bought the property at 2121 Northwest Second Avenue for $619,000 and completed the 27,513-square-foot building in 2016, records show.

Tenants include MVM Miami women’s boutique, Omakai Sushi, Astra rooftop restaurant and lounge, and boutique law firm Axis Law, the brochure states. Rhodes’ holding company, Rokk3r, also has an office in the building.

In 2014, the entity paid $3 million for the neighboring 6,250-square-foot building at 2085 Northwest Second Avenue and the parking lot. Tenants include House of Mac restaurant and an art gallery, Marinoff said. He said the parking lot can be developed into a building between five to eight stories under the current zoning.

The two buildings are fully leased with most of the retail tenants paying below market rents under short-term leases of three to five years, Marinoff said. A new owner could raise rents once those leases are up, he added. “Retail rents in Wynwood are averaging $70 a square foot,” Marinoff said. “Two blocks north, it is $120 a square foot.”

Rhodes is among several early Wynwood real estate investors divesting newly completed buildings in the up-and-coming commercial and residential neighborhood that for decades was a warehouse and art gallery district. Earlier this month, New York-based East End Capital and its joint venture partner Related Group sold the Wynwood Annex office building for $49 million to San Francisco-based Brick & Timber Collective.

Last year, Redsky Capital sold Cube Wynwd for $28 million to a joint venture between Tricera Capital and Alex Karakhanian’s Lndmrk Development.





    Related Articles

    arrow_forward_ios
    Sterling Organization managing principal and CEO Brian Kosoy and Coral Landings III at 6166 and 6200 West Sample Road (Sterling Organization, LoopNet)
    Sterling drops $37M for Coral Springs shopping center anchored by Best Buy
    Sterling drops $37M for Coral Springs shopping center anchored by Best Buy
    Brick + Timber principals Glenn Gilmore and Jesse Feldman and photo of the building at 2724 and 2734 Northwest First Avenue in Wynwood (LinkedIn, FutureVision Studios)
    Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building
    Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building
    Cabot Properties' Franz Colloredo-Mansfeld with Miramar Centre Business Park (Cabot, iStock) Lease, Logistics
    Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
    Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
    Conlon & Co's Sean Conlon with 206 Clematis Street (Loopnet, Conlon)
    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
    Worth Capital’s Charles “Rusty” Holzer and 13501 South Shore Boulevard in Wellington (Getty, Google Maps)
    Wellington real estate investor pays $16M for shopping center in own backyard
    Wellington real estate investor pays $16M for shopping center in own backyard
    Dacar Management's Alberto Micha-Buzali with Residences and Shoppes (LinkedIn, Dacar Management)
    Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
    Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
    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
    Pebb Capital's Todd Rosenberg with 4000 Collins Avenue (Loopnet, iStock)
    Pebb JV sells CVS-anchored retail space in Miami Beach for $18M
    Pebb JV sells CVS-anchored retail space in Miami Beach for $18M
    arrow_forward_ios

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

    Loading...