Block Capital sells two Wynwood buildings for $19M

Warehouses converted to offices sold for $806 psf

Miami /
Jun.June 14, 2022 03:30 PM
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.

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.





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