—
DWNTWN Realty Advisors, a leading commercial real estate firm in Miami, successfully brokered a significant $12.3 million transaction for the NNN Wynwood Retail Portfolio. This deal underscores the continued growth and appeal of one of Miami's most dynamic neighborhoods.
The transaction encompasses four buildings across two parcels, totaling 19,760 SF of building area on a 22,719 SF lot (0.52 acres). The properties, located at 282-292 NW 25th Street and 325-339 NW 24th Street, offer a unique cross-block double frontage in Wynwood's core pedestrian district.
In a notable achievement, DWNTWN Realty Advisors represented both the buyer, Zach Vella, and the seller, East End Capital, showcasing their expertise in complex, dual-representation deals. Key highlights of the transaction include:
- 100% occupancy with current tenants Bartaco and Dogfish Head Brewery
- In-place cap rate of 3.66% with a pro-forma stabilized cap rate of 9.7%
- Pro-forma NNN rent of $75 per square foot
- Significant value-add opportunity with the Dogfish Head Brewery lease ending in November 2023
- Substantial development potential with unused Transfer of Development Rights (TDRs) allowing for various options, including residential units, office space, or hotel rooms, subject to local zoning regulations and potential bonuses
"This transaction exemplifies the ongoing transformation of Wynwood and the strong investor interest in Miami's urban core," said Devlin Marinoff, Managing Partner at DWNTWN Realty Advisors. "The portfolio's strategic location and value-add potential make it an exceptional investment opportunity in this rapidly evolving market."
The portfolio's composition is as follows:
1. 325 NW 24th Street: 15,119 SF building on a 9,135 SF lot
2. 339 NW 24th Street: Part of a 4,375 SF lot
3. 282 NW 25th Street: 4,641 SF building on a 4,809 SF lot
4. 292 NW 25th Street: Part of a 4,400 SF lot
Notably, half of the 292 NW 25th Street lot is sublet to Barcelona Wine Bar, an adjacent and affiliate tenant, further enhancing the portfolio's appeal.
The deal highlights the potential for value creation in Wynwood's evolving landscape. The neighborhood, once an industrial zone, has transformed into a globally recognized destination for art, fashion, and innovation. It's rapidly becoming known as the "Silicon Valley of the South," attracting tech companies like Blockchain.com, OpenStores, and Founders Fund.
Tony Arellano, Managing Partner at DWNTWN Realty Advisors, added, "Wynwood's unique blend of creative energy and economic growth continues to draw diverse investments. This portfolio, with its prime location and development potential, epitomizes the opportunities available in this thriving submarket."
For a comprehensive analysis of this transaction and its implications for Miami's commercial real estate market, DWNTWN Realty Advisors has published an in-depth case study available at: https://miamicrebrokers.com/wynwood-portfolio-deal-12-3m/
About Us: DWNTWN Realty Advisors is an institutional quality brokerage firm focused on emerging markets in Miami's urban core. As a full-service real estate brokerage based in Miami, Florida, DWNTWN specializes in investment sales, tenant representation, and property management. The firm's cornerstone principles of focus and specialty enable a hands-on approach to creating communities with a sense of place. DWNTWN goes beyond traditional procurement and disposition, engaging in the entire fulfillment process from concept to leasing, and from branding to execution. With a vision of "Density as our Destiny" for the greater downtown Miami area, DWNTWN Realty Advisors leverages its extensive market knowledge and strategic relationships to deliver exceptional results for clients across South Florida's dynamic urban landscape.
Contact Info:
Name: Devlin Marinoff
Email: Send Email
Organization: DWNTWN Realty Advisors
Address: 2920 NW 5th Ave, Miami, FL 33127
Phone: +13056470999
Website: http://dwntwnrealtyadvisors.com/
Release ID: 89141335
Google
RSS