For the second time in a 13-month span, East End Capital sold a property in Miami’s Wynwood neighborhood to a partnership between 7G Realty and Forte Capital.
Both 7G Realty partner Jon Krasner and Forte Capital President Chaim Cahane told The Real Deal that the joint venture paid $10.8 million for an 18,256-square-foot warehouse at 2214 North Miami Avenue that has been converted into a retail building. New York-based 7G Realty and Miami Beach-based Forte Capital financed the purchase with an $8.7 million loan from Hollywood-based Sheridan Capital, Krasner and Cahane said.
Cahane said the partnership is also exploring redeveloping the building into a mixed-use project.
The seller, an affiliate of East End Capital, paid $4.7 million for the property in 2014. The site was one of the New York-based firm’s first purchases in Wynwood. East End co-founder and Managing Principal Jonathon Yormak did not immediately respond to a phone message seeking comment.
In the latest deal, the buyers and seller engaged in casual conversations that turned into an off-market sale of the property, Krasner said.
“We have been in the neighborhood for over 10 years and have been eyeing this property for a while,” Krasner said. “We are pretty good friends with East End, and we eventually agreed on a number that worked for both sides.”
The building is vacant and it can be divided into spaces ranging from 4,000 square feet to 20,000 square feet, Krasner said. He declined to disclose asking rents.
Since the building is on a street corner and adjacent to the nearly completed Arlo Wynwood Hotel and the recently opened Strata Wynwood apartment complex, the time is ripe to reposition the property, Cahane said.
“The southern quadrant of Wynwood is finally taking shape,” Cahane said. “We are already talking to some tenants, and we are contemplating a new mixed-use project with one or two floors of office and a rooftop restaurant concept.”
In February 2021, 7G Realty and Forte Capital teamed up to buy a retail property at 310-318 Northwest 25th Street from East End for $11.8 million. At the time, a foreclosure lawsuit involving the 26,000-square-foot building had been recently dismissed.
About a month ago, East End and its partner, The Related Group, sold the Wynwood Annex office building in Miami for $49 million to San Francisco-based Brick & Timber Collective.