Turkish Buyers Pick up Wynwood Dev Site for $15 Million

A Turkish company paid $14.5 million in cash for a Miami property at the crossroads of Wynwood, Midtown and Edgewater, marking a steep discount from the last sale.

Terminal Wynwood LLC, managed by Ismail Murat Ozcan and Kayril Karabeyoglu, acquired the five-parcel assemblage at 85 Northeast 27th Street from Well Meaning Spaces, according to the seller’s broker.

The 0.76-acre site includes a 23,150-square-foot creative office building. Tony Arellano and Devlin Marinoff of Dwntwn Realty Advisors represented the seller.

The $14.5 million sale price reflects a 23 percent drop from the $18.75 million seller paid for the property in 2022, when interest rates were “at or below 4.5 percent,” Arellano said.

The discount reflects the ongoing repricing of Miami development sites as higher borrowing and construction costs weigh on land values, he said.

The property was listed six months ago for $15.2 million, and the deal closed two months after a contract was signed, Arellano said.

The buyer plans a transit-oriented, mixed-use tower that likely will blend apartments, condos and retail on the site, Arellano said. Dwntwn is expected to work on entitlements for the project.

The assemblage sits on what Arellano described as the most northeastern corner of Wynwood, where the neighborhood meets Midtown and Edgewater. The site is also near the proposed Wynwood Tri-Rail station, which would operate along the Florida East Coast Railway corridor used by Brightline.

The site houses a creative office and Well Meaning Spaces, a coworking concept that predates billionaire Adam Neumann’s WeWork. It was among Wynwood’s earliest coworking projects, but it struggled to compete with newer office developments coming into the neighborhood. As newer office projects raised the bar for tenants, Well Meaning Spaces opted to sell rather than continue investing in the aging property, Arellano said.

Recent billionaire-backed Class A offices have put Wynwood on the map as a magnet for major companies and investment.

Among them is 545wyn, a Sterling Bay development recently acquired for $180 million by Citadel’s Ken Griffin and the Goldman family. The building is home to tenants including PwC, the Winklevoss twins’ crypto firm Gemini and MIAX Sapphire, Florida’s first trading floor.

Another is Wynwood Plaza, where billionaire investor Marcelo Claure is a partner. Jeff Bezos’ Amazon holds the neighborhood’s largest office lease there, occupying 75,500 square feet.

“The hardest part of any deal right now is trying to figure out what it’s worth,” Arellano said. “There’s a lot of price discovery and underwriting that we have to do.”