PRESS RELEASE: Wynwood’s Whirlwind Of Activity Continues With 7-Parcel Portfolio Sale
(Miami, FL) – October 17, 2013
Demand isn’t letting up in Miami’s up-and-coming neighborhoods.
Metro 1 President and CEO Tony Cho represented both seller and buyer In a Wynwood sales transaction totaling 54,968 square feet.
In a deal which closed Oct. 10, SBT WYNWOOD TOO, LLC purchased a seven-parcel portfolio along with 104,750 square feet of land for $8,500,000. The portfolio is located around NW 29th Street and NW 3rd Avenue.
"These buyers are seasoned developers with big plans for this site in the future. This marks the next phase of Wynwood's exciting evolution which is now attracting world class investors and developers from around the world. Expect to see ground up verticle development in the near future", commented Cho.
Metro 1 Commercial has also recently contracted to sell two additional sites – 48 NW 25th Street and 43-65 NW 23th Street – asking $5.9M and $5.49M respectively.
Wynwood’s Gateway Building, developed by Cho, has also recently been completed and is ready for occupancy. The anchor tenant, Ducati Miami, recently began construction and expects to be open for business by the end of the year.
The signature building, which sits at the entrance of Miami’s hottest new submarket, The Wynwood Arts District, at 2825 NW 2nd Avenue, offers restaurant and retail opportunities within the famed creative arts district, including 2,650 square feet of retail space, 1,000 square feet of green space and an additional 1,200 square feet of café space. International luxury motorcycle brand Ducati will anchor the project with a 6,000 square foot showroom.
Metro 1 is also bringing an additional 13,500 square feet to the Wynwood market.
Metro 1 just listed a 6,163 square foot building for sale for $2.5 million. The loft-warehouse is located at 2049 N. Miami Avenue, in the heart of the Wynwood Arts District and features multiple roll-up doors, high ceilings, AC and 50-foot frontage on N. Miami Avenue.
Metro 1 has also recently listed two additional sites available for lease: 2,000 square feet of industrial/flex space at 151 NW 24 Street for $28 PSF NNN and another 5,300 square foot industrial/flex space at 120 NW 24th Street. Asking rent is $20 PSF Modified Gross.
Having completed more than $300 million in sales transactions, 200+ deals and more than 600,000 square feet in the last 5 years, Metro 1 is committed to Wynwood, along with Miami’s other up-and-coming Urban Core neighborhoods including the Design District, Downtown Miami, Edgewater, the Upper Eastside, and Sunset Harbour.
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Metro 1 Commercial is a Miami-based boutique commercial real estate services firm that provides advisory, transaction, management and investment services for office, industrial, land, retail, and hospitality real estate throughout South Florida. Some of the specialty divisions within Metro 1 Commercial include M1 Hospitality, M1 Industrial, M1 Land, M1 Advisory, M1 Management, and M1 Investment Sales. Founded in 2005 by Tony Cho, Metro 1 Commercial has built a reputation for delivering consistent results in a performance-based landscape. Known as one of the most forward-thinking real estate companies, Metro 1 Commercial utilizes cutting edge marketing strategies and advocates for sustainable real estate solutions and smart urban growth. Metro 1 Commercial is a subsidiary of Metro 1.