Meet the Buyer Who's Amassing Land in Wynwood

2916 North Miami Avenue is across from the Midtown Walmart development site and two blocks from The Shops at Midtown Miami.

MIAMI—More commercial real estate investor eyes are on Wynwood. 2916 North Miami Avenue, a 23,490-square-foot corner lot in the artsy Miami suburb , just traded hands. The asset sold for $11.5 million. 2916 North Miami Avenue is across from the Midtown Walmart development site and two blocks from The Shops at Midtown Miami. The parcel is currently home to a 5,262-square-foot structure, which formerly operated as a truck repair shop. “The property is located at the hard corner of North Miami Avenue and 29th Street along the main artery that leads from Biscayne Boulevard to Wynwood,” says Scott C. Sandelin , a vice president of investments in Marcus & Millichap ‘s Miami office . “With numerous new commercial and multifamily developments in the pipeline, this part of Miami’s urban core is on track to become the most densely populated and heavily commercialized region in the area.” Sandelin and Jonathan De La Rosa , an associate in M&M’s Miami office, represented the seller, a South Florida limited liability company. The duo also represented the New York-based buyer, Aron Rosenberg . In March, Sandelin and De La Rosa facilitated the $6.5 million sale of the neighboring 25,265-square-foot parcel located at 2994 North Miami Avenue. Together, the parcels total 48,790 square feet. Sandelin and De La Rosa also have 2000 North Miami Avenue, a redevelopment opportunity consisting of four land parcels totaling 1.44 acres, listed for sale at $25.2 million. “This is the buyer’s fourth acquisition on North Miami Ave,” says De La Rosa. “The City of Miami recently approved up-zoning in Wynwood that changes the property’s zoning from T5-O to T6-8-O and provides many options for redevelopment. The purchaser plans to develop a large-scale, mixed-use project on the two recently purchased sites.” The Wynwood Arts District, formerly known as Miami’s Garment and Fashion District, is witnessing a bona fide transformation with major residential, retail and office properties under development. Vogue magazine rated Wynwood ninth in its 2014 list of “Coolest Neighborhoods in the World.” The Wynwood area is already home to some of Miami’s most cutting-edge restaurants, art galleries, and unique boutiques. According to Greg Masin , senior director of Cushman & Wakefield ‘s South Florida retail team, Miami’s Wynwood district is in the midst of a rapid transition. He points to the rise of pedestrian traffic and a soon-to-be-announced exit off of Interstate 95 at 29th Street will enhance access and further drive traffic. “The next wave of food and beverage offerings has already arrived and the soft goods co-tenancy of retailers like Warby, Shinola, and Illesteva has deepened,” Masin tells GlobeSt.com. “Rental rates continue to rise and competition among owners for additional acquisitions remains stiff.”