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Robert Wennett sells warehouse complex near Miami Produce Center for $11M
Hallandale Beach-based Accesso Partners bought nearly 36K sf industrial building
Robert Wennett sold a warehouse complex near his Miami Produce Center redevelopment site in Miami’s Allapattah for $10.5 million.
An affiliate of Accesso Partners bought the 35,908-square-foot, multi-tenant industrial warehouse at 1335 Northwest 21st Terrace, according to a press release. The deal breaks down to $292 per square foot for a building completed in 1955, records show. The property is about a block west of the Bjarke Ingels-designed Miami Produce Center site at 2140 Northwest 12th Avenue.
Ted Konigsberg with Infinity Commercial Real Estate represented the buyer. Joe Fernandez with DWNTWN Realty Advisors represented the seller, Miami Produce Center LLC. The entity is headed by Wennett, the Miami Beach-based developer who built 1111 Lincoln Road.
Accesso intends to convert the Allapattah warehouse into an art gallery and creative space, the release states. Based in Hallandale Beach, Accesso is a commercial real estate investment manager led by co-founders Ariel Bentata, Moises Benzaquen, Claudio Dombey and Daniel Goldstein.
In 2016, Wennett paid $16 million for the 1.2-acre property and the 8.5-acre Miami Produce Center site. In 2019, the city of Miami approved Wennett’s plan to build a 1.4 million-square-foot mixed-use development that could have 2,400 co-living units and 637 traditional residential units, or 1,237 traditional apartments.
As part of the project, Wennett would build four 20-story intertwined buildings and repurpose three existing warehouses into retail space, currently used for storage by local fruit and vegetable wholesalers. The project would also include 230,886 square feet of offices, 128,971 square feet of retail space, 22,176 square feet for “educational uses,” an urban garden and 1,094 parking spaces.
Real estate investors are flocking to Allapattah as nearby Wynwood gets built out. In May, Moishe Mana expanded his holdings in Allapattah by acquiring a commercial assemblage along 29th Street and Northwest Seventh Avenue for $16 million.
In late March, Miami art collectors, the Rubell family, increased their Allapattah footprint with a $10.7 million purchase of an industrial building that was the former headquarters of Rex Discount Wholesale Grocers.