Brick & Timber to buy Cube Wynwd office building for $60M
Glenn Gilmore’s San Francisco-based company recently made its market debut with another purchase in Wynwood
UPDATED, Aug. 5, 2:00 p.m.: Brick & Timber Collective plans to purchase its third Wynwood building, The Real Deal has learned.
Glenn Gilmore’s Brick & Timber put the Cube Wynwd offices at 222 Northwest 24th Street under contract for over $60 million, sources told TRD. The seller is a joint venture of Tricera Capital and Alex Karakhanian’s Lndmrk Development, which will retain a 20 percent stake, two of the sources said.
In March, Brick & Timber paid $49 million for Wynwood Annex at 215 Northwest 24th Street, across the street from Cube Wynwd. The deal marked the San Francisco-based firm’s debut in South Florida. On the heels of that deal, Brick & Timber bought the three-story office and retail building at 2724 and 2734 Northwest First Avenue for $9 million in May.
Cube Wynwd is almost fully leased, one of the sources said.
The eight-story, roughly 100,000-square-foot building was completed in 2019. The developers, Redsky Capital and JZ Capital Partners, sold it to Tricera and Lndmrk for $28 million in the spring of last year.
Wynwood, a former warehouse district redeveloped into an arts and dining destination, has also become an office market in recent years. The neighborhood has attracted some of the influx of financial and tech firms to South Florida.
North of Cube and Annex, R&B Realty Group completed The Gateway at Wynwood, at 2916 North Miami Avenue, late last year. Since then, it has scored e-commerce startup OpenStore, Victory Polymers and renewable energy company Spearmint Energy as tenants, among others.
Correction: A previous version of this story incorrectly reported the number of Wynwood purchases Brick & Timber has made.