MIAMI—A 1920s complex of warehouses in Miami's up and coming Wynwood neighborhood has traded hands. MB America, a Miami-based wealth and investment management company, just brokered the sale of SPACEBY3.
The warehouses, known collectively as SPACEBY3, have been converted into blank canvas spaces at a time when the industrial-turned-artsy neighborhood is gaming fast momentum with developers and commercial real estate developers. A private client sold the assets for $11 million, representing a 57% ROI in a single year.
"Miami has proven itself as one of the most dynamic and vibrant real estate markets worldwide," says Marco Bruzzi, co-founder and CEO of MB. "We were confident that there would have been new development in the area increasing the value of this investment."
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