Lndmrk Development, Torose Equities, and Lion Development Group are looking to cash in on boutique retail and office space they own in Wynwood after Ken Griffin’s epic investment in the neighborhood.
More than 42,000 square feet of ground-floor retail at Society Wynwood and Adam Neumann’s Flow tower, leased to restaurant chains including Starbucks, Chipotle, is on the market with an asking price of $76 million.
Dwntwn Realty Advisors’ Tony Arellano and Devlin Marinoff are marketing the property for $1,800 per square foot.
The offering includes for 14 retail suites across 2401 and 2431 Northwest Second Avenue, which span the block between Northwest 24th and 25th streets.
The 31,070-square-foot property at 2431 Northwest Second Avenue is priced at $54 million, while the 11,020-square-foot property at 2401 Northwest Second Avenue is asking $22 million. The properties can be acquired together or separately.
The spaces are 87 percent leased to 13 tenants under a triple-net lease structure, in which tenants pay their share of property expenses in addition to rent. The building has 5,500 square feet of vacant space, marketed at $120 per square foot. The median suite size is 2,660 square feet.
Rent prices range between $100 to $150 per square foot, and the portfolio has a weighted average lease term of 9.3 years. The largest tenants include Nacho Daddy (5,430 square feet); Yuzu Sushi (3,700 square feet); and Riko’s Pizza (3,440 square feet).
The property comes with 73 dedicated garage parking spaces, which generate about $200,000 in annual income. The brokers project more than $60,000 in additional annual income if certain parking agreements are repriced to $300 per space per month.
Lndmrk Development, Torose Equities, and Lion Development Group are the developers and owners of the properties. Flow, the residential operator founded by Adam Neumann, bought a 50 percent stake in the building in May and rebranded it from Society Wynwood.
The listing is less than 200 feet away from the site of the planned Carnegie Mellon University campus, the catalyst behind Griffin’s $1.1 billion purchase of 35 acres from Moishe Mana. The campus is expected to open in 2028.
Transaction activity in Wynwood is on fire this year. Retail leasing is soaring due to new office and residential developments bringing space online.
Last month, the Pérez family’s Related Group sold the 15,000-square-foot Casa Tua Cucina ground-floor retail space at their NoMad Residences project to a Sunny Isles Beach-based LLC led by Hernan Gleizer and Fernando Alpern for $33 million. Gleizer and Alpern’s LLC also owns the building’s other retail unit, a 5,000-square-foot space with two outdoor terraces totaling 870 square feet, and are marketing the space for $95 per square foot.
Mana paid New York-based TriCap $24.5 million in July for the 13,000-square-foot retail building leased to Starr Restaurants’ Pastis Miami at 380 Northwest 26th Street — a deal brokered by Dwntwn’s Arellano and Marinoff.
But the Wynwood/Design District submarket had the highest retail vacancy in Miami-Dade in the third quarter, according to Colliers.
The neighborhoods have 2.9 million square feet of retail inventory across 111 buildings, with an 8 percent vacancy rate and 28,150 square feet under construction. However, Colliers only includes single and multi-tennant shopping centers larger than 10,000 square feet in its Miami-Dade retail market statistics, which wouldn’t capture smaller storefronts in the neighborhoods.
Read more
Adam Neumann’s Flow buys 50% stake in Wynwood apartments
Billionaire Ken Griffin closes on $1B-plus purchase of Mana Wynwood, bringing Carnegie Mellon to Miami
Related Group sells Casa Tua space at NoMad Wynwood for $33M, Azora drops $21M for Coral Gables retail condos
