MIAMI—2800 Northwest Second Avenue, a 100,000-square-foot site in the heart of the emerging Wynwood neighborhood of Miami, has traded hands. Thor Equities snapped up the asset.

Running the entire block from Northwest 29th Street to Northwest 28th Street at Wynwood's northern entrance, the corner site includes five existing buildings spanning about 45,000 square feet. Also included in the sale were development rights in excess of 600,000 square feet.

“The already burgeoning Wynwood Art District is primed for a mixed-use, residential rezoning that will spur further development, and accelerate its ongoing transformation from an underutilized industrial area into a true live-work-play community,” says Joseph Sitt, CEO of Thor. The property also features 300 feet of frontage on NW 2nd Avenue, and a 16,500-square-foot parking lot.