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Doug Levine continues Wynwood sell-off, listing two office floors for $28M
Crunch Fitness founder and real estate investor recently sold off three other properties nearby
Doug Levine is on a Wynwood selling spree, listing the majority of a three-story office building after recently unloading a trio of properties in the trendy Miami neighborhood.
The Crunch Fitness founder placed the top two floors of Wynwood Sky Office Building at 1900 Northeast Miami Court on the market with an asking price of $27.9 million, an online brochure shows. The first floor, owned by Los Angeles-based investor Mark Markos, is not for sale.
Tony Arellano and Devlin Marinoff with Dwntwn Realty Advisors are handling the listing and previously sold the building to Levine.
The 58,500-square-foot warehouse was converted into an office building last year. Levine’s portion of Wynwood Sky spans 40,000 square feet that is fully leased after eight tenants signed short-term agreements last month, according to the brochure.
Tenants include Monster Energy, Aroma 360, Super Caddy, Seitrack US and Building Drops. The annual rent roll is $2 million with a net operating income of $1.4 million. By 2034, the net operating income is estimated to grow to $2.6 million a year, according to Dwntwn Realty Advisors.
Levine, who leads Miami Beach-based Big Move Properties, acquired the 0.3-acre site in 2018 by purchasing the entity that owned the land, records show. So the previous sales price is not available.
In 2020, Levine sold the first floor to Marko for $7.5 million.
In April, Levine sold a 0.7-acre three-building portfolio in Wynwood. The buyer, New York-based Benaim X Partners, paid $23.5 million, roughly $6 million below Levine’s asking price. The fully leased properties can be redeveloped into a mixed-use project with a hotel or multifamily component.
Levine previously paid roughly $11 million for the assemblage in 2013 and 2014, buying the property from Miami-based Lndmrk Development. Since selling Crunch Fitness in 2001, he has focused on real estate investing in emerging Miami neighborhoods like Wynwood. Last year, he paid $11 million for 3.3 acres in Miami’s Little Haiti neighborhood where he plans to redevelop 50,000 square feet of industrial buildings into office, retail and food and beverage uses.