Internationally Renowned Miami-Based Artist Romero Britto Acquires The Famed “BRITTO® Palace” In Little River For $11.8 Million

Internationally renowned artist Romero Britto now owns the 58,000-square-foot compound where the BRITTO® Palace is located in Miami, making it the official new headquarters of the BRITTO Group in the United States, which has business globally in fine art, consumer goods, retail, brand licensing, real estate, coffee shops, restaurants, hotels, skin care, and liquor.

Berkshire Hathaway HomeServices EWM Realty top-producer Jason Zarco of The Percal Zarco Group worked with Britto in the $11.8 million sale, which closed on Sept. 20. Alfredo Riascos, principal and broker of Gridline Properties, worked with the seller, real estate owner/operator Joseph Del Vecchio. For the purchase and loan from Ocean Bank, Britto was represented by Salomon V. Bagdadi, Esq., the Florida Managing Partner of Capozzi Adler, P.C. and President of Straight Line Title.

Located in Miami’s burgeoning Little River neighborhood at 795 Northwest 72nd Street, the BRITTO® Palace is a highly customized, 58,000-square-foot compound with two levels. Considered to be the largest art studio in the world, the dazzling space has already played host to dignitaries, celebrities, innovators, and art patrons from across the globe.

“This property has become a source of such palpable inspiration,” said Britto. “In so many ways, it’s a magical place where I like to spend most of my days creating with the purpose to bring more happiness to the world.”

“Miami is the perfect, vibrant and dynamic city for our new global headquarters and to our business expansion,” added Dr. Lucas Vidal, CEO of BRITTO Group and Britto's business partner.

“Romero Britto is a legend and a true Miami treasure,” said Del Vecchio. “I’m delighted to have played a small role in helping him make his enduring legacy more permanent with this acquisition.”

Little River, located in Miami’s Upper East Side, is rapidly emerging as one of Miami’s fastest-growing neighborhoods, characterized by an eclectic mix of creatives, culinary, and entertainment destinations. As ongoing development reshapes the area, the neighborhood is on track to become one of Miami’s most sought-after destinations for businesses and residents.

Development Site In Miami's Little River Neighborhood Trades For $13.3 Million

Little River has been a hotspot for investment and yet another significant transaction has as an undisclosed buyer acquired a development site for $13.3 million. The sale included 2.2 acres on NE 2nd Ave in the northern section of Little River, located at 8038 NE 2nd Ave. Gridline Properties’ Broker and Principal Alfredo Riascos represented the seller, Thomas Conway of Conway Commercial Real Estate. Tony Arellano of DWNTWN Realty represented the buyer. The buyer nor its plans were disclosed citing confidentiality.

“Developers are recognizing the growth and the emergence of strong fundamentals, finding opportunities to appeal to the creatives and curators in Miami that are in search of the unique neighborhoods and experiences that Little River offers,” said Riascos.

Creative neighborhoods like Little River have been the focus of a lot of attention and recent capital inflows. DWNTWN Realty Advisors and Gridline Properties worked together seamlessly on a complex transaction that will have a positive impact on Miami and the Little River neighborhood. Population and job growth are fueling the demand for housing and neighborhoods as the City of Miami continues to grow. Despite the economic headwinds, Miami seems to be positioning itself as a safe haven for capital investments and quality of life upgrades for employers and individuals.

Conway recently sold the neighboring Ebb & Flow retail strip center comprised of two buildings on two lots for $18.15 million in July 2022. Riascos represented Conway in the Ebb & Flow transaction as well. The all-cash deal marked one of the largest single transactions in Little River for value-add creative retail.

“In recent months, the Northeast Second Avenue corridor of Little River has received remarkable attention from investors and developers seeking to capitalize on the emerging retail and development taking place between 79th and 84th Street," said Riascos. “This property may be one of the last remaining sites that offers institutional size and scale for future development along NE 2nd avenue. We are excited to be part of the tremendous growth and continued success of Little River.”

A hub for re-adapted industrial buildings, Little River has attracted an array of creative and design-oriented businesses that have identified the surrounding neighborhood as one of Miami’s most up-and-coming districts. It is home to a wide variety of businesses, tenants, and owners that have transformed one of Miami's oldest industrial areas into a neighborhood that promotes creativity, design, and innovation.

Gridline Properties Represents Seller And Buyer In Sale Of Ebb & Flow Retail Strip Center In Miami's Little River District

Ebb & Flow, a retail strip center in Miami’s Little River District, has sold for $18.15 million, marking one of the largest sales in the neighborhood, testifying to the areas growth the progress. Ebb & Flow is a unique retail strip center comprised of two buildings on two lots measuring 32,000 square feet and 81,224 square feet. The property closed on July 22 for $18.15 million and is located at 8200 NE 2nd Ave., and 201 NE 82nd St., Miami, FL 33138.

Both sides of the all-cash transaction were overseen by Gridline Properties Broker and Principal Alfredo Riascos. The seller was Thomas Conway of River Esquinas, LLC, and the buyer was Doug Levine, founder of Crunch Fitness and CEO of commercial real estate development firm Big Move Properties. Prior to the successful sale, Gridline Properties assisted the seller with leasing its retail spaces ensuring the property for future success.

The Ebb & Flow property sits in the heart of Little River’s Uptown District, one of Miami’s most exciting and emerging neighborhoods. The strip houses Primal Fit, Eyebrow King, La Santa Taqueria, Salon Dahlia, Tran An Vietnamese Eatery, and Off Site Nano-brewery & Kitchen—exciting tenants that have received culinary, fitness, and beauty recognitions. Additionally, the T6-8-O zoning for the property allows for the future development of 280 residential units offering the possibility of developing a mixed-use space.

“We are excited to be involved with transactions that continue to drive progress and innovation to Little River’s Uptown District, one of Miami’s most exciting neighborhoods," said Riascos. “Representing both the seller and buyer in this large of a sale proves to be as satisfactory as it is complex—yet both parties come out on top to serve this thriving community that we are honored to be a part of.”

A hub for re-adapted industrial buildings, the Little River Business District has attracted an array of creative and design-oriented businesses that have spontaneously identified the surrounding neighborhood as one of Miami’s most up-and-coming districts. It is home to a wide variety of businesses, tenants, and owners that have transformed one of Miami's oldest industrial areas into a neighborhood that promotes creativity, design, and innovation.

Sterling Bay’s 545wyn Tops Off and Celebrates Retail Leasing Launch

545wyn, Wynwood’s first true Class-A office space, led by Chicago-based real estate investment and development firm Sterling Bay, recently celebrated its topping off and retail leasing launch. The 10-story, 325,000-square-foot mixed-use development broke ground in December 2018 and is expected to deliver in late 2020. It presents an exciting opportunity to future office and retail tenants, thanks to top-of-the-line amenities and thoughtful design elements, says Michael Lirtzman, Sterling Bay’s director of leasing. In addition to Sterling Bay, a leader in urban campus headquarters, the local team consists of Place Project’s Joe Furst and Gridline Property’s Alfredo Riascos.

The team has emphasized the importance of carefully curating the retail tenancy and their on-the-ground experience in the neighborhood. “Based on my deep commitment and development history in Wynwood, I want to bring the best possible solutions for its evolution and successful growth as a premier destination to live, work and play,” says Furst, who was previously the managing director of Goldman Properties. 

The development features a private, 4,700-square-foot interior wellness center complete with spinning and yoga and is also complemented by a 17,000-square-foot activated roof deck with full kitchen and bar services. Sterling Bay has also committed to reserving the west façade of the office tower as a canvas with plans to commission murals by local community artists to maintain respect for the neighborhood’s roots and character as a hub for creative expression. 

On the ground floor, 545wyn features 26,000 square feet of retail intended to house three marquee tenants with a heavy emphasis on food, beverage, entertainment and lifestyle services. A major highlight includes a paseo park linking 26th and 27th Streets, spilling into a courtyard that connects the property to neighboring buildings. In addition to retail, approximately 270,000 square feet of flexible, modern office space on highly sought-after large floor plates with floor-to-ceiling windows provides future office tenants with the ultimate modern office experience.

Written By: Stephanie Warren