Crunch Fitness Founder Doug Levine Sells Three Prime Wynwood Commercial Properties for $23.5 Million
Miami-based real estate investor and Crunch Fitness founder Doug Levine has sold three prime Wynwood retail and office buildings to Eric Benaim, the principal of Benaim X Partners, for $23.5 million. Situated at 2324-2328 North Miami Avenue, 38 Northwest 24th Street, the three buildings total 25,855 SF.
Miami-based real estate investor and Crunch Fitness founder Doug Levine has sold three prime Wynwood retail and office buildings to Eric Benaim, the principal of Benaim X Partners, for $23.5 million. Situated at 2324-2328 North Miami Avenue, 38 Northwest 24th Street, the three buildings total 25,855 square feet and are fully occupied. Additionally, the buildings offer approximately 215,000 square feet of development rights. The buildings date back to their original completion in 1928 and 1950. Their recent sale was orchestrated by Dwntwn Realty Advisors, with brokers Devlin Marinoff and Tony Arellano overseeing the listing.
Currently home to tenants such as The Hotel Collection, Backdoor Monkey nightclub and restaurant, a smoke shop, Aroma 360 and Amor Miami Restaurant and lounge, the buildings occupy a coveted position directly across from The Oasis in the heart of Wynwood. With thousands of residential units slated for construction in the vicinity, the location stands poised to become a premier destination for residents and visitors alike.
Eric Benaim and Benaim X Partners have their sights set on preserving the property's historic character while infusing it with new life. With plans to retain the existing structures for the foreseeable future, Benaim intends to enhance the site's cultural significance by commissioning murals to be created for the buildings, further cementing Wynwood's reputation as an artistic destination.
"Benaim X Partners' acquisition of these buildings marks a pivotal moment in contributing to the ongoing revitalization of Wynwood," noted Benaim. "As someone with experience in emerging neighborhoods, I view Wynwood today much like Williamsburg, Brooklyn, a decade ago. Wynwood holds immense promise for both residents and visitors, offering boundless opportunities for living, playing, working, and shopping. We look forward to doing additional deals in Miami and continuing to contribute to the wave of innovation and creativity."
Brick & Timber Collective Acquires Wynwood Office Building Cube Wynwd For $62 Million
Brick & Timber Collective has acquired Cube Wynwd, an office building in Miami’s hot Wynwood neighborhood, from Tricera Capital and Alex Karakanhian’s LNDMRK Development for $62 million. The transaction closed on December 13 and Tricera and LNDMRK retained an undisclosed ownership stake in Cube Wynwd. Tricera and LNDMRK originally acquired the 100,000 SF office building for $28 million in an April 2021.
Brick & Timber Collective has acquired Cube Wynwd, an office building in Miami’s hot Wynwood neighborhood, from Tricera Capital and Alex Karakhanian’s LNDMRK Development for $62 million. The transaction closed on December 13 and Tricera and LNDMRK retained an undisclosed ownership stake in Cube Wynwd. Tricera and LNDMRK originally acquired the 100,000 SF office building, which includes ground-floor retail, rooftop space and parking, for $28 million in an April 2021 off-market deal. Tony Arellano of DWNTWN Realty Advisors represented both buyer and seller in the transaction.
Berkadia’s Scott Wadler and Mike Basinski secured a $36.18 million loan on behalf of the buyer Brick & Timber Collective. This is the second time in 20 months the property has traded and been capitalized by Berkadia. The Berkadia team also lined up $27.5 million in senior and mezzanine financing when Tricera Capital and LNDMRK acquired the property in April of 2021. JP Morgan provided the balance sheet $36.2 million five-year fixed-rate loan with full term interest only.
The Tricera Capital and LNDMRK Development partnership acquired Cube Wynwd in 2021 from Red Sky Capital when Scott Sherman was still with firm. Sherman has since left and founded Torose Equities. The Class A office building was developed in 2019 by Redsky Capital in partnership with JZ Capital Partners and was financed by Bank OZK and Lionheart Strategic Management.
“We are thrilled with the execution of our business plan for Cube Wynwd, culminating in this significant disposition,” Tricera Chief Financial Officer Christian Ramirez said. “This investment underscores the depth and versatility of Tricera 2.0, as we tapped into our robust acquisitions and asset management divisions, top-tier leasing professionals, team members with development experience and real estate finance experts. We look forward to replicating the model at our many other investments and developments.”
Prior to completing the disposition, the Tricera and LNDMRK partnership finalized a five-year lease with Boston’s Northeastern University to occupy the 10,976 SF fifth floor of the 222 NW 24th St. building. Northeastern plans to operate a brand-new graduate degree program tailored to working professionals in Miami’s rapidly growing fintech industry.
The Northeastern deal maintains Cube’s 100% leased status, as investment firm Schonfeld Strategic Advisors is set to relocate from Cube to The Dorsey, a Wynwood mixed-use building Tricera and LNDMRK partnered with The Related Group to develop. Schonfeld is expected to move to The Dorsey in early 2023.
“Northeastern’s lease at Cube is yet another example of where Wynwood’s office market is headed and reinforces the building’s incredible tenant mix,” Tricera President/Head of Leasing Dustin Ballard said. “It is exciting that local fintech professionals will have an opportunity to pursue a graduate degree from a renowned university. That will help take the fintech sector – and the City of Miami – to build upon the accomplishments and growth of the past few years.”
CBRE’s Eric Groffman, Cameron Tallon, Emily Brais and Randy Carballo served as landlord representatives in the Northeastern lease. Colliers International South Florida Stephen Rutchik and Tyler de la Peña and Colliers International Greater Boston’s John Carroll represented the tenant.
Additional Cube tenants include Blockchain.com, Ecuadorean fintech firm Kushki, Shaolin Capital Management, Brazilian footwear manufacturer Grendene, office supply and furniture online retailer Poppin, tech firm Transmit, and more.
Image via Richard Novak
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.
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.
KUSH Building In Wynwood Sells For $2.6 Million
2003 N Miami Ave., a mixed-use property which is home to longtime Wynwood staple restaurant KUSH, has sold for $2.6 million. The transaction closed on March 25. Matt Kuscher, owner of Kush Property LLC, purchased the property from Michael Lilov. Both sides of transaction were overseen by Devlin Marinoff, Tony Arellano P.A. and David Richman of DWNTWN Realty Advisors.
2003 North Miami Ave., a mixed-use property which is home to longtime Wynwood staple restaurant KUSH, has sold for $2.6 million. The transaction closed on March 25. Matt Kuscher, owner of Kush Property LLC, purchased the property from Michael Lilov. Both sides of transaction were overseen by Devlin Marinoff, Tony Arellano P.A. and David Richman of DWNTWN Realty Advisors.
The two-story mixed-use building totals 7,562 square feet on the highly trafficked North Miami Avenue corridor in Wynwood, which has been experiencing incredible development and corporate relocation activity. The building features three retail spaces and 10 studio apartment units on the second floor.
Kuscher brought his KUSH concept to Wynwood and quickly turned it into a Wynwood staple beloved by burger enthusiasts. KUSH Hospitality took home the coveted People’s Choice Award during the South Beach Wine and Food Festival’s 2021 Burger Bash, an annual competition that draws more than 30 chefs and restaurants from around the country. The gastropub is also a supporter of the neighborhood’s renowned art scene, displaying eye-catching pieces from local artists on its walls.
“Wynwood is entering a new era as a well-rounded professional, residential, dining and entertainment destination,” Marinoff said. “That shift is inspiring a flurry of investment activity. Established local investors are seeking to expand their holdings in Wynwood, while new-to-market players are eager to expand into the neighborhood.”
Wynwood has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic VC, GAC Financial, Ramp Financial, Schonfeld and others. Currently, more than 3,500 new residential units, 400 hotel rooms and 1 million square feet of office space are in the pipeline. Wynwood’s 50-block district also has one of the most dynamic culinary scenes in the United States with a variety of highly rated restaurants including doma, Omakai, Hiden, Hiyakawa, Momosan, Uchi, Mister 01, Kyu, Bakan, Beaker & Gray and Pastis.
Recent notable transactions include Forte Capital and Sheridan Capital’s flipping 2830 NW Fifth Ave. for $11.2 million just mont’s after acquiring it for $6.35 million from from Alex Karakhanian’s LNDMRK Development. In February Related Group and East End Capital sold Wynwood Annex in February for $49 million and UOVO Storage Deluxe acquired of a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.
Wynwood Annex Sells For $49 Million To New-To-Miami-Market San Francisco-Based Buyer
Wynwood Annex has sold for $49 million to a new-to-market San Francisco-based buyer Brick & Timber Collective. The transaction was overseen by DWTNWN Realty Advisors who represented both the buyer and the seller. The milestone transaction underscores a paradigm shift in rates and market fundamentals and sets a new bar for the Miami office market
Related Group and East End Capital have sold Wynwood Annex for $49 million to a new-to-market San Francisco-based buyer Brick & Timber Collective. The transaction was overseen by DWTNWN Realty Advisors Co-Founders Devlin Marinoff and Tony Arellano P.A., who represented both the buyer and the seller. The milestone transaction underscores a paradigm shift in rates and market fundamentals and sets a new bar for the Miami office market and represents the culmination of many years of organic, artistic and eclectic development efforts in Wynwood led by many shareholders with vision and grit inspired by visionaries like Tony Goldman.
Related Group and East End Capital developed Wynwood Annex and retailed DWNTWN Realty Advisors to lead the marketing and lease-up efforts, stabilizing over 60,000 square feet of rentable office area within six months to 100% occupancy, with landmark tenants all new-to-market.
Following the successful lease-up effort Wynwood Annex attracted unsolicited offers from investors from all over the country. DWNTWN ran an off-market process and connected with a new-to-market buyer, Brick & Timber Collective, who closed the approximately $49 million sale.
“Typically, we see relocations from within the city as the majority of tenants play musical chairs,” Lerner said. “In this cycle our firm took advantage of changing fundamentals and with our feet on the ground, led the charge outpacing competitive office towers in Miami, pushing Wynwood as the go-to creative office district.”
“We are honored and grateful to be a participant in Wynwood over the past 16 years. We are excited to see Wynwood become the go-to neighborhood for technology and modern finance,” Arellano said. “Wynwood Annex is the perfect fit for this San Francisco-based buyer’s debut investment in our market. DWNTWN is grateful to investors like Brick & Timber Collective for adding value to our market, community and the Greater DWNTWN Miami Area.”
Wynwood has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic VC, GAC Financial, Ramp Financial, Schonfeld and others. Recent notable transactions include UOVO Storage Deluxe’s acquisition of a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. Forte Capital and Sheridan Capital’s acquisition of 2830 NW Fifth Ave. from Alex Karakhanian’s LNDMRK Development for $6.35 million, which they plan to reposition into creative offices. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.
Core Wynwood Development Site Sells For $11.5 Million
UOVO Storage Deluxe has acquired a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. The buyer was represented by Jordan Karp and the seller was represented by Tony Arellano of DWNTWN Realty Advisors. 330 NW 29th Street is currently two fully occupied buildings leased as creative office space spanning 10,939 SF.
UOVO Storage Deluxe has acquired a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. The buyer was represented by Jordan Karp and the seller was represented by Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors. 330 NW 29th Street is currently two fully occupied buildings leased as creative office space spanning 10,939 SF. The 21,000 SF lot is zoned T6-8-0 and is primed for a hotel or office project.
Wynwood has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic and others. Recent notable transactions include Forte Capital and Sheridan Capital’s acquisition of 2830 NW Fifth Ave. from Alex Karakhanian’s LNDMRK Development for $6.35 million, which they plan to reposition into creative offices. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.
Design 41 In Miami Design District Now Fully Leased After Swiss Watch Company Breitling Opens New Boutique
Design 41 in Miami Design District is now fully leased after Breitling signed a lease and opened a 1,832-square-foot boutique on the district’s prime Northeast 41st Street corridor. The 112 NE 41st St. store will showcase the latest watches modeled by Breitling’s “Spotlight Squad,” which includes Charlize Theron and Misty Copeland.
Design 41 in Miami Design District is now fully leased after Breitling signed a lease and opened a 1,832-square-foot boutique on the district’s prime Northeast 41st Street corridor. The 112 NE 41st St. store will showcase the latest watches modeled by Breitling’s “Spotlight Squad,” which includes Charlize Theron and Misty Copeland. Other tenants that have opened in Design 41 include bespoke perfumery Bond No. 9 New York, Rosenfeld Gallery – which only has one other location in New York City, and the first U.S. flagship store for Argentine leather goods brand Gaucho.
The lease was overseen by DWNTWN Realty Advisors Co-Founder and Managing Partner Tony Arellano and Executive Joe Fernandez, who represented the landlord to lease the entire 40,000-square-foot building. Design 41 was developed by Design District Development Partners.
“It is fitting that Breitling moves into the final available space on this important block and joins some of the world’s most luxurious retailers, such as Louis Vuitton, Ermenegildo Zegna, Tiffany & Co. and Burberry, in the Design District,” Arellano said. “We are proud of our role in leasing up Design 41 and helping the entire neighborhood reach its full potential.”
“We drew upon our unique knowledge of the neighborhood and strong relationships to accomplish a successful lease-up of Design 41,” Fernandez said. “Breitling’s new store there will undoubtedly rival its top-performing boutiques in major U.S. markets.”
Arellano and DWNTWN Co-Founder Marinoff have also played a pivotal role in Miami Design District’s evolution. Over the last seven years, the brokers have completed 22 transactions totaling more than $205 million in the neighborhood’s four-block pedestrian core. These sales represent most of the district transactions not involving Dacra’s assemblage, filling the gaps around the district’s core and making DWNTWN the neighborhood’s market leaders.
Forte Capital and Sheridan Capital Partnership Acquires Wynwood Commercial Property For $6.35 Million
Forte Capital, led by Chaim Cahane, and Sheridan Capital have acquired 2830 NW Fifth Ave. in Wynwood from Alex Karakhanian’s LNDMRK Development for $6.35 million. The buyers plan to reposition the existing 14,000-square-foot building at 2830 NW Fifth Ave. into creative offices.
Forte Capital, led by Chaim Cahane, and Sheridan Capital have acquired 2830 NW Fifth Ave. in Wynwood from Alex Karakhanian’s LNDMRK Development for $6.35 million. The buyers plan to reposition the existing 14,000-square-foot building at 2830 NW Fifth Ave. into creative offices. DWNTWN Realty Advisors Co-Founders and Managing Partners Tony Arellano and Devlin Marinoff represented both the seller and buyer in the transaction which closed on December 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. “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.
“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.”
Wynwood Annex Class-A Office Building Hits 100% Occupancy As Ramp Financial And Field Trip Sign Leases
Related Group and East End Capital’s Wynwood Annex Class A office building has hit 100% occupancy as tech firm Ramp Financial and psychedelic health company Field Trip have signed new leases. DWNTWN Realty Advisors represented the landlord in finalizing leases.
Related Group and East End Capital’s Wynwood Annex Class A office building has hit 100% occupancy as tech firm Ramp Financial and psychedelic health company Field Trip have signed new leases. DWNTWN Realty Advisor’s Tony Arellano and David Lerner represented the landlord in finalizing deals with Ramp Financial, a technology company that develops corporate cards designed to save money for businesses, and Field Trip, a health company that uses evidence-based, legal psychedelic therapies to help patients heal depression and feel better.
Ramp Financial is set to occupy 8,205 square feet on the fifth floor of the 215 NW 24th St. building. Tony Jones of Cushman & Wakefield represented Ramp Financial in the lease. Field Trip is leasing 7,474 square feet on the second floor of Wynwood Annex.
These new leases come on the heels of DWNTWN bringing three Silicon Valley tenants to Wynwood Annex. Venture capital giants Founders Fund, which includes PayPal Co-Founder Peter Thiel as a partner, Atomic and their e-commerce joint venture OpenStore signed leases for a total of more than 22,000 square feet at the building. Live Nation also occupies a floor of Wynwood Annex.
“We are proud of our role in curating Wynwood Annex with a roster of tenants who are truly changing the industries they operate in,” Arellano said. “Leaders of the technology and finance worlds who are relocating to Miami realize Wynwood is where they need to be. All of the complementary elements, such as arts and culture, fashion, experimental and service-oriented retail, dining, nightlife and residences, are already in place.”
Located in the core of Wynwood and just steps from prime neighborhood establishments such as Panther Coffee, Zak the Baker and KYU, Wynwood Annex has 60,000 square feet of rentable space and a generous parking ratio of four spaces per 1,000 square feet. With 12-to-18-foot ceiling heights and amenities including a brand-new fitness center, rooftop common area, outdoor conference space and private balconies, the building is perfectly suited for the tech and finance tenants it is attracting.
Black Lion Investment Group Acquires Wynwood Arcade From East End Capital for $13.25 Million
Less than one week after closing on the Amara at Paraiso restaurant property on Biscayne Bay, the Los Angeles-based Black Lion Investment Group has now acquired the luxury class A property Wynwood Arcade from East End Capital for $13.25 million.
Less than one week after closing on the Amara at Paraiso restaurant property on Biscayne Bay, the Los Angeles-based Black Lion Investment Group has now acquired the luxury class A property Wynwood Arcade from East End Capital for $13.25 million. The transaction was overseen by Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors, who had listed the property for $14.5 million. Wynwood Arcade was 65% leased at the time of sale with trendy tenets such as the popular Salty Donut, Ooh Raw, No. 3 Social, OSME and Edit Mode.
Located at 43-75 NW 23rd St., the 23,000 SF luxury retail property was developed as an adaptive reuse project by East End Capital in 2016. The redevelopment of the former warehouse won numerous architectural awards, including the American Institute of Architects Award of Excellence for Adaptive Re-Use and an AIA Merit Award for Excellence in Architecture.
“This trophy property represents another key investment in Black Lion’s Miami expansion after our recent acquisition of Amara at Paraiso,” said Robert Rivani, President of Black Lion Investment Group.
Rivani is planning transform the Wynwood Arcade with a $1 million renovation led by Kobi Karp Architecture & Interior Design. The renovation and updates will include the addition of outdoor dining areas on the ground floor and rooftop. Rivani is also planning to bring a new nightlife concept to the rooftop.
Wynwood is a must see for tourists and locals and is known for its instagramable murals and one-of-a-kind dining and retail experiences. Conveniently located in the heart of Miami’s Wynwood neighborhood, the property represents a prized parcel of real estate in one of the hottest markets in Florida. Known for its vibrant cultural scene, art, and eclectic nightlife.
Black Lion Investment Group’s portfolio of properties in Florida includes the recently acquired Amara at Paraiso commercial property as well as the renovated Crystal Cove Commons and Brickell Bay Boardwalk. The Los Angeles-based firm recently acquired the Tucson luxury retail center Oracle Wetmore for $38 million.
Imagery via Black Lion Investment Group
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