Done Deals: DWNTWN Realty Advisors’ Tony Arellano and Devlin Marinoff Close $6.35 Million Sale of Commercial Building in Miami’s Wynwood District

Monday, December 20, 2021

DWNTWN Realty Advisors’ Tony Arellano and Devlin Marinoff Close $6.35 Million Sale of Commercial Building in Miami’s Wynwood District

Tony Arellano

MIAMI, FL – DWNTWN Realty Advisors Co-Founders and Managing Partners Tony Arellano and Devlin Marinoff, the premier investment sales and leasing brokers in Miami’s urban core, completed another successful property sale in Wynwood.

The duo represented both the seller and buyer in the $6.35 million sale of a commercial building in the popular neighborhood.

Devlin Marinoff

Alex Karakhanian’s LNDMRK Development is the seller.

The buyers, Forte Capital’s Chaim Cahane and Sheridan Capital, plan to reposition the existing 14,000-square-foot building at 2830 NW Fifth Ave. into creative offices. The transaction closed on Dec. 16.

“This property is perfectly positioned within Wynwood’s core pedestrian district and at the intersection of the neighborhood’s high-density main access corridor,” Arellano said.

Alex Karakhanian

“We successfully marketed the building as an unparalleled adaptive re-use opportunity. The buyers will do a tremendous job executing that plan.”

The property features private gated parking, high ceilings and quick access to highways.

It is walking distance to some of Wynwood’s most notable projects and landmarks, including 545wyn, the Wynwood Building, Love Life Café, Morgan’s and the Wynwood Garage.

Chaim Cahane

“Wynwood is the talk of the nation, given the substantial technology and finance migration to the neighborhood,” Marinoff said.

“This building will cater to the demand for cool and creative office space in Wynwood. As we head into 2022, there is still incredible demand from the investment world for acquisition and development opportunities here.”

The firm has participated in more than $350 million in investment and development sales in Wynwood over the last few years and has more than $175 million in pending transactions in the neighborhood.

DWNTWN, a market leader in Miami, has closed numerous high-profile investment sales transactions in 2021, including:

The $6.5 million sale of a retail showroom at 170 NE 38St. in Miami’s Design District
The $13.3 million sale of the Wynwood Arcade, a retail and restaurant building at 50 NW 24 St. in Miami’s Wynwood
The $11.6 million sale of a multifamily portfolio at 5601 NW First Ave. in Little Haiti
The $10.5 million off-market sale of a former production studio site at 12100 NE 16 Ave. in North Miami