Colliers International South Florida arranges sale of Wynwood mixed-use building
Miami, September 5, 2018 – The renaissance of the Wynwood Arts District has seen the neighborhood evolve from a desolated industrial zone to a flourishing center for creative enterprise and trendy nightlife. The latest acquisition of 271 NW 23rd St in Wynwood by WYN Realty, led by Phillip Kakon, seeks to imbue some of the Montreal vibe and nightlife into the scene.
The Colliers’ International South Florida team of Mitash Kripalani, Gerard Yetming and Julian Zuniga represented the sellers, husband and wife Fahd and Kiran Mumtaz, in the sale of a 3,717 SF mixed-used warehouse for $3 Million on August 22, 2018.
With Wynwood already emerging as a global destination for a new generation of entrepreneurs, the building drew the attention of WYN Realty, based out of Montreal, Canada, looking to enter the Miami market, with Wynwood as their first location to launch. The transaction in Wynwood resulted in the team being able to bring the flavor of Montreal’s restaurant life and “joi de vivre” into Wynwood’s electric neighborhood. The buyer was represented by Jon Kotler, Owner and CEO of Realmont Group, a part of KW Elite Properties.
The closing of the deal illustrates the remarkable change in prices in the Wynwood area.
“This sale reflects a high watermark for the area,” said Kripalani. “The buyer was looking for something special in the Wynwood area and this building seemed like a perfect fit for his concept. The close proximity to Moise Mana's planned Wynwood project was also very attractive.”
Wynwood has been drawing tremendous interest from domestic and foreign buyers who want to have a presence in the neighborhood. The newest regulations established by the Neighborhood Revitalization District (NRD) plan is driven to transform Wynwood into a vibrant neighborhood with places to live and work, in addition to the existing businesses and restaurants. There are currently 2.3 million square feet of space under construction in Wynwood, many in the form of mixed-use projects, plus an additional 3.3 million square feet of proposed retail, office, multifamily and hotel developments. The area has seen $2.03 billion in commercial sales in the last 24 months.
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For further information, please contact:
Paola Iuspa-Abbott on behalf of Colliers International South Florida
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