Avison Young completes disposition of seven-parcel portfolio for $46 million, the largest sale to date in 2019 in Miami’s Wynwood submarket
Buyer plans co-living apartment and retail development for large property assemblage
Miami — Avison Young’s Florida Capital Markets Group negotiated the $46 million sale of a prime-located portfolio consisting of seven properties in the heart of the high-growth, in-demand Wynwood neighborhood of Miami. The collection of assets at 2431-2455 NW 2nd Ave., 146-172 NW 25th St., and 1159 and 169 NW 24th St. span ±1.6 contiguous acres sold to an affiliate of PMG Acquisitions, LLC, which has plans to build up to six stories of co-living apartments above single-story retail.
Avison Young Principals John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; David Duckworth; Senior Associate Brian C. de la Fé; and Associate Myles Stepner completed the portfolio disposition, the largest sale to-date in 2019, in Wynwood.
“Explosive growth and high demand continue in Wynwood, making the large assemblage a one-of-a-kind ‘blank canvas’ opportunity,” said Crotty. “The extremely qualified investor-developer of high-quality residential has a unique co-living above ground-floor retail concept that fits perfectly within the neighborhood’s lifestyle and is expected to further enhance and beautify the area.”
Positioned at the epicenter of Wynwood, the portfolio is walking distance from the iconic Wynwood Walls, famed restaurants, entertainment, and high-profile office and residential developments. Near complete, complementary projects include the 63,000-square-foot Wynwood Walk retail and restaurant concept and the 65,000-square-foot Cube Wynwd office and retail project.
Peter L. Desiderio, Esquire of Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., and Laura Bourne Burkhalter, Esquire of Laura Bourne Burkhalter, P.A., represented the sellers in connection with the transaction.