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Retail project planned for Wynwood property acquired for $53.5M

October 4, 2016

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ASG Wynwood LLC, an affiliate of New York-based ASG Equities and the Gindi Family, has purchased a property in Miami’s Wynwood Arts District for $53.3 million.

The sale encompasses 41,616 square feet of buildings on a 42,000-square-foot lot on Northwest 2nd Avenue, between 26th Street and 27th Street. The seller was the Mitrani family, which held the property for 45 years when the neighborhood was a garment district, according to the Miami Herald.

The property is slated for a retail project called Wynwood Park, whose renderings will be revealed in the comings weeks. Wynwood Park will be designed by the Wynwood architecture studio of MKDA, a New York City-based design firm and its leasing will be handled by Metro 1 Commercial and Whitehall Realty Group.

Tony Arellano, Tony Cho and Andres Nava of Metro 1 Commercial LLC along with Devlin Marinoff, Jordan Gimelstein and David Spitz of Whitehall Realty Group co-brokered the deal. The attorneys for the transaction were Matthew Danow, Esq. and Randolf A. Mengual of Katsky Korins LLP.

“Amazon can replace where you buy your toothbrush, but they can’t replace the retail experience,” said Arellano, executive VP of Metro 1 Commercial. “Wynwood Park was created to fill the demand of the millennial consumer and the renaissance of the urban retail experience. This is not a mall, this will be an open air retail experience under a tree canopy, in one of the country’s most creative neighborhoods, Wynwood.”

Miami’s Wynwood is among the most in-demand areas for commercial real estate across South Florida.

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