A partnership between RedSky Capital and JZ Capital Partners has sold the retail building known as Wynwood Block for $24 million, $969 per square foot, to Wynwood Block Realty LLC. The sale reflects a $2 million loss from the $26 million, $1,050 per square foot, the partnership paid for the property in 2015. The transaction was financed with a $12.2 million mortgage provided by Valley National Bank.
Located at 190 NW 27th St. and 2621 NW 2nd Ave., the building spans 24,763 square feet and the total site spans 36,750 square feet, .87 acres. Tenants include Wynwood Diner, Aesop, Mister Block Cafe and Italia Independent.
In September 2020 the RedSky Capital and JZ Capital Partners joint venture sold a 1.25 acre development site located at 2700 NW 2nd Avenue in Wynwood for $26.06 million to New York-based real estate investment and development firm Seven Valleys. The sale marked a $4.69 million loss from the $30.75 million the partnership paid for the property in 2016.
For more information about commercial properties in Wynwood including sales, leasing and private showings please fill out the form below: