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Wynwood Commercial Property Purchased For $5M, Renovations Planned

February 24, 2014

A New York-based investor bought a commercial property in Miami’s Wynwood neighborhood and plans a major renovation.

A New York-based investor bought a commercial property in Miami’s Wynwood neighborhood and plans a major renovation.

Miami-based Mega Shoes, managed by Mercedes Garcia, sold the buildings at 43-65 N.W. 23rd St. for $5.37 million to EEFC 43-65 NW 23 Owner LLC. The buyer registered in Delaware and based at 600 Madison Ave., 11th floor, in New York.

Miami-based TotalBank provided a $3.92 million mortgage to the buyer, which is affiliated with East End Capital Partners, a commercial real estate firm led by Jonathan Yormak and David Peretz.

Metro 1 Properties President Tony Cho and commercial sales director Tony Arellano represented the seller of the 23,400-square-foot building on a 31,000-square-foot lot. The brokers said the buyer would extensively renovate the building and market it to the creative industry for office and retail space. It could also have a restaurant.

“This deal is yet another example of the demand that Wynwood and other urban core markets are seeing for spaces that can be repurposed for higher, more creative and smarter uses,” Cho said in a news release.

The building was constructed in 1960.

Source: SFBJ

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