November 16, 2015
Written By: Brian Bandell
A pair of warehouses in Miami’s red-hot Wynwood neighborhood sold for $11 million, a 57 percent premium over their last trade 18 months ago.
The seller of the empty industrial buildings and parking lot at 2047, 2049 and 2105 North Miami Avenue was Carol Invest USA, managed by Emanuela Verlicchi, and represented by Metro 1 Commercial Executive VP Tony Arellano. The property was acquired by Wynwood Property Partners, registered to Miami attorney Evan D. Seif, and represented by Douglas Elliman’s Mick Duchon.
The site has a recently renovated 17,900-square-foot warehouse on a 35,900-square-foot lot. The price equates to $615 per square foot of building space.
Coral Invest USA acquired the property in May 2014 for $7 million, with Metro 1 CEO Tony Cho representing it in what turned out to be a very profitable investment.
The Wynwood neighborhood has been transformed from an area of old industrial and apparel buildings to a district for art, restaurants, retail and events. This has caused rents to skyrocket. The city recently approved rezoning that allows building of up to 12 stories and 150 residential units per acre.
This particular location is near the southern boundary of Wynwood on the west side of the railroad tracks.
“This is a premium portfolio of property in Wynwood located in the center of the local arts district,” Arellano said. “The recent zoning changes and forthcoming community improvements to this energetic neighborhood pose endless creative opportunities for this unique space.”