FIP Commercial’s Dave Colonna Reps Related Group In $19 Million Wynwood Purchase

May 12, 2020 No Comments by

The Related Group made another big investment in Miami’s Wynwood neighborhood with a $18.5 million property acquisition.

ERBA Diagnostics, previously known as Diamedix Corp., sold 2.27 acres at 2141-2115 N. Miami Ave.2150-2160 N. Miami Ave.38 N.W. 22nd St. and 2155 N.W. Miami Court to PRH Investments, an affiliate of Miami-based the Related Group.

Dave Colonna of FIP Commercial represented The Related Group in the deal.

Cushman & Wakefield’s Robert GivenTroy BallardMiguel AlcivarGreg MasinFrank Begrowicz and Jason Hochman represented the seller.

The property has five buildings for a combined 51,205 square feet. However, the zoning would allow for greater density in a mixed-use project.

Wynwood has been transformed from an industrial area into an attraction for street art, entertainment, shopping and dining. New zoning has led to a massive amount of redevelopment with apartments and offices.

 

“As Wynwood continues to develop and mature into a world-class hub for the arts and creative businesses, opportunities to acquire large development sites are growing harder to come by,” said Alcivar. “This offering presented a rare opportunity to acquire critical mass with flexible zoning in one of the nation’s most exciting neighborhoods.”

The Related Group has been especially active in Wynwood. It co-developed the Wynwood 25 apartments, the Wynwood Annex office building, and the Bradley Wynwood, which is being leased to a short-term rental company. It has a mixed-use building planned on Northwest 29th Street and a co-living project slated for Northwest 28th Street.

 

“While Wynwood is known for its dozens of art galleries and an ever-growing number of restaurants, bars, and retailers, the submarket is only just now starting to see larger scale mixed-use development,” said Given. “This assemblage presents the buyer with an exceptional opportunity to tap into Wynwood’s growth potential and be part of its maturation into a liveable neighborhood.”

 

Source:  SFBJ

 

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Industry News, Miami-Dade County Multifamily, Miami-Dade County Office, Miami-Dade County Retail, Multifamily, Office, Retail
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