Morabito Properties, a Miami Beach-based real estate development company led by developer Valerio Morabito, has expanded the firm’s existing Wyncatcher development in Wynwood by acquiring an adjacent warehouse located at 2150 NW Miami Court. Wyncatcher is a boutique, adaptive reuse mixed-use, creative office property located at 2413 NW 1st Avenue in Miami’s Wynwood Arts District. Morabito Properties also secured a $35 million loan with BridgeInvest, a private real estate lender, to refinance the entire assemblage including Wyncatcher I which is fully leased to Knotel and set to open this summer. Berkadia Managing Director Scott Wadler and Vice President Michael Basinski Miami secured the financing on behalf of the sponsor, Morabito Properties, the deal closed on May 29.
The newly acquired warehouse will be converted into a state-of-the-art commercial space (Wyncatcher II) with a variety of uses, ranging from event to office and retail. Designed by Vagabond Architecture, known for their work retrofitting existing buildings, the structure will join the existing two-story, 47,852 square-foot Wyncatcher I, designed by world-renowned architecture firm, Arquitectonica. Both buildings showcase exterior murals, an iconic feature of the vibrant neighborhood, by acclaimed Portuguese artist Alexandre Farto, known as VHILS.
Knotel, a flexible workspace operator owned by Newmark, one of the world’s largest commercial real estate advisory firms, signed a seven-year pre-lease deal for the entirety of Wyncatcher I and will open this summer, offering office space ranging from 3,976 square feet to 37,427 square feet, and a restaurant with 6,051 square feet of indoor space and 6,861 square feet of outdoor space. The unique structure sports elegant double-height, industrial-style windows over two stories.
“Wynwood has evolved into a cultural hub where people want to spend their days, whether it be by perusing art and retail or celebrating the next life milestone. Wyncatcher will be the community for it all,” said Valerio Morabito, CEO of Morabito Properties. “We’re grateful for our relationship with BridgeInvest to make this all possible.”
“BridgeInvest has been providing creative financing solutions for projects in Wynwood since our inception over 13 years ago,” said Alex Horn, managing partner of BridgeInvest. “Morabito Properties’ vision is both creative and discerning, and will deliver effective office and retail options as dynamic as the Wynwood neighborhood it will reside in.”
Originally an abandoned warehouse district, Wynwood has grown into a thriving haven for art, fashion, innovation and creativity, hosting over 15 million annual visitors. The neighborhood’s 50 blocks are home to leading technology and finance companies, including Spotify, Founders Fund and Live Nation. The area is also renowned for its top hospitality offerings, such as Uchi, Pastis and Michelin Bib Gourmand Doya. Its ever-growing development pipeline includes thousands of upcoming new residential units, hotel keys, office space and a new high-speed railway stop, built by Brightline, as part of the Northeast Corridor Project, the Miami-Dade portion of the Coastal Link, extending from Downtown Miami to the City of Aventura.
