Wynwood investor Link pays $15M for Little River office-retail property

Almost fully leased buildings are being rebranded as “The Workshop”

Miami /
Mar.March 15, 2022 02:30 PM
 

7101 and 7111 North Miami Avenue (Metro 1, iStock)

Link Real Estate, which owns a mixed-use portfolio in Wynwood, is expanding to nearby Little River, scooping up an office-retail property for $14.9 million.

The Miami-based company bought the almost fully leased buildings at 7101 and 7111 North Miami Avenue from an entity led by John and Alan Matthews, according to the broker’s news release.

Juan Andres Nava of Metro 1 represented the seller and buyer.

Link Real Estate’s affiliate, which it used to purchase the real estate, financed the deal with a $10 million loan from Alliant Credit Union. Brandon Perdeck of Aries Capital secured the loan for the buyer.

The 48,610-square-foot property consists of a larger L-shaped building constructed in 1972, and a U-shaped building, constructed in 1974. The purchase includes an adjacent 0.1-acre parking lot, records show.

(Courtesy of Metro 1)

John and Alan Matthews, through an affiliate, paid $10.3 million for the property in 2018. It is roughly 7 percent vacant, with a tenant likely signing a lease for part of the available space, Nava said.

The property mirrors Link Real Estate’s holdings in Wynwood to the south of Little River, in that it has industrial zoning but has been repurposed for office and retail uses.

Link, led by Dan Arev, plans to rebrand the property from its current moniker, Little River Industry Building, to “The Workshop,” a name more in line with its current use.

“When you think of a workshop, you think of creators, of crafters,” Nava said. “This is a place to work, and it’s also like a flex creative-type of space, so it allows not only for offices, but also sometimes for workshops and showrooms.”

Among the property’s tenants is electric scooter shop Fluid Freeride, which has a showroom in the front of its space and a workshop in the back where it offers scooter repair and maintenance.

Other tenants include interior design firm Deft Union, delivery company GoPuff, Sol Box Fitness and Returnmates, which picks up items from consumers and returns them to any online retailer.

Link Real Estate will renovate the property, including repainting and upgrading the electrical system, and is considering painting a mural on the exterior walls, Nava said.

The company’s Wynwood holdings include “The Print House” at 2509 North Miami Avenue, which is also an industrial building repurposed as office and retail. It is known for its exterior murals resembling newspaper print.

Little River’s evolution resembles that of Wynwood, as it is morphing from an overlooked warehouse district to an office and retail area. In February, a buying entity managed by Benjamin Weprin, founder and CEO of Adventurous Journeys Capital Partners, paid $17.3 million for a warehouse portfolio in Little River.





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