 |
| Achikam Yogev |
MIAMI, FL (July 22, 2015)
– A mixed-use building in Miami’s Wynwood neighborhood – known for its arts
scene and as one of the hottest neighborhoods in the Southeast – has sold for
$10.8 million.
The 18,870-square-foot building, which also has an adjacent
parking lot, sold for $572 per square foot.
The buyer, Badjer, LLC,
was represented by Michael Tobin,
Partner in Rothman & Tobin PA., which plans to lease the currently vacant
building for retail.
The seller, Zadok Real
Estate Holding, was represented by Ivo
Tsinev, Associate Vice President, and Achikam
Yogev, Senior Vice President with Colliers International South Florida.
The two-story Class A
building, built in 1950, previously housed the Zadok Art Gallery. The first
floor is currently arranged for retail or a showroom, while the second floor is
set up as office space.
 |
| Ivo Tsinev |
Located at 2534 N. Miami
Ave, minutes from the design and arts district, the building recently underwent
a multi-million-dollar renovation.
“Wynwood originally began
as a warehouse and manufacturing district, and is now a popular arts
destination,” said Colliers’ Yogev.
“Retailers are aggressively pursuing
locations in Wynwood, causing it to become a rapidly developing area that’s
gaining strength in the retail market.”
This sale supports the
strength in Miami’s overall retail market, which improved to a 3.2 percent
vacancy rate for the second quarter of 2015. Average retail rental rates per
square foot totaled $29.11 in Miami for Q2, significantly higher than Broward
County at $19.09 or Palm Beach at $17.81.
The Wynwood Arts District
is home to over 70 art galleries, retail stores, antique shops, eclectic bars,
and is famous for having the largest permanent outdoor mural exhibits in the
world, called Wynwood Walls.
For a complete copy of the company’s news release,
please contact:
Leah Saunders
Senior Account Executive
B2 Communications
p 727.895.5030 x104 | c
813.924.0367
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