Block Capital sells two Wynwood buildings for $19M

Warehouses converted to offices sold for $806 psf

A photo illustration of 85 Northeast 27th Street (top) and 100 Northeast 28th Street (bottom) (LoopNet, iStock)
A photo illustration of 85 Northeast 27th Street (top) and 100 Northeast 28th Street (bottom) (LoopNet, iStock)

Block Capital Group sold a pair of warehouses converted to offices in Miami’s Wynwood for $18.7 million.

An affiliate of WellMeaning Investments, a Miami-based family office led by CEO Eduardo Pelaez, bought the two buildings at 100 Northeast 28th Street and 85 Northeast 27th Street, according to records. The properties have a total of 23,247 square feet, so the deal breaks down to $806 per square foot. The sale also included a parking lot.

WellMeaning obtained an $11.5 million mortgage from W Financial REIT, records show.

The seller, an entity managed by Block Capital CEO Martin Miculitzki, paid $4.6 million for the warehouses in 2014, records show. Completed in 1925 and 1971, respectively, the properties were renovated for office use.

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Block Capital has been shedding real estate assets in Miami in recent months. In March, the Miami-based real estate investment firm sold two retail buildings near Midtown Miami for $23 million to Rüger Holding KG, a German firm. Last year, Block Capital and its partner, the Related Group, sold a 175-unit mixed-use apartment building in Wynwood to Iconiq Capital, a San Francisco investment firm, for $77 million.

Block Capital remains a major player in Wynwood. The company is partnering with New York-based Kushner Companies to develop Wynd 27 and Wynd 28. The mixed-use project, which is currently under construction, will have 152 apartments, 46,000 square feet of office space, 33,500 square feet of retail, and 232 parking spaces. The joint venture paid $32 million for the 1.5-acre development site in 2019.

Deal flow in Wynwood also remains steady. Last month, San Francisco-based Brick & Timber Collective paid $9 million for a recently completed office and retail building at 2724 and 2734 Northwest First Avenue. In March, East End Capital sold a retail building at 2214 North Miami Avenue to 7G Realty and Forte Capital for $10.8 million.

The same month, Forte and partner Lndmrk Development flipped a retail building at 2830 Northwest Fifth Avenue for $11.2 million, a 75 percent gain.