Colliers’ Urban Core Division Arranges $14M Wynwood Site Sale
Sale of 2335 N. Miami Ave. highlights the ongoing transformation of the neighborhood
Miami, March 15, 2018 – The Colliers International South Florida Urban Core Division team of Mika Mattingly, Noa Figari and Cecilia Estevez has represented seller Goltens Miami in the $14 million sale of ‘The Oasis,’ a 35,176 square foot assemblage of warehouse and retail space nestled on a 72,185 square foot site in the heart of Miami’s arts district. Located at 2335 N. Miami Avenue, the sale of the site represents the next phase of Goltens’ strategic business relocation to Miramar.
Buyers David Weitz and Erik Rutter of New York-based Carpe Real Estate Partners plan an adaptive reuse project with their newly-acquired footprint in Wynwood. The Buyer was represented by Daniel Lombardi of Lombardi Properties.
Marine engine repair company Goltens Miami had acquired the site more than 30 years ago, long before the neighborhood had transformed into the Wynwood Arts District of today, a robust, round-the-clock community. After more than three decades in Wynwood, relocating their Miami location to Miramar will better support the company’s operations of today.
"This site that they operated on was kept in pristine condition, so they also recognized the value and repositioning potential for adaptive reuse," said Colliers International South Florida Executive Vice President Mika Mattingly, who represented Goltens’ site that was only on the market for two months.
"The six strong offers that came in are indicative of a perfect covered-land opportunity. Prospective buyers were quick to understand the value from what the site can produce today with existing structures combined with future development potential," added Mattingly. "The best buyer prevailed with a short due diligence and a five-day all cash closing. A great deal for both sides."
The Oasis will allow for 400,000-600,000 square feet of development and highlights the large-scale, vertical growth opportunity that has only recently emerged in the neighborhood. A newly-approved 2015 zoning plan by the City of Miami expanded approved uses for the area and accelerated the transformation of a neighborhood that was once best known for its vacant warehouses and sidewalks. The Wynwood Neighborhood Revitalization District-1 (NRD-1) allows for up to eight stories with an additional four-story option in exchange for public benefit in some areas, leaving multiple development options open for the new owner.
With frontage on Miami Avenue – the area’s north-south artery – and 23rd Street, the buyers from Carpe Real Estate Partners plan an adaptive reuse project, leveraging the campus atmosphere and private cul de sac entrance. The group owns a portfolio of investments and has owned property in Wynwood in the past.
"The Wynwood market was in a frenzy the last five years, yielding all-time high purchases," added Mattingly, pointing to drivers like the sharp increase in visitors, residents and employees within the area. "All asset types are in demand here so educating the market on the most recent rates and data was key to our outcome."
In addition to running through Wynwood, Miami Avenue traverses five of the most bustling neighborhoods in the dense urban core, a central focus for Colliers’ eponymous division: the Design District, Midtown, the Arts & Entertainment District, Downtown Miami and Brickell. The concept of the evolving urban core is one that the Colliers’ Urban Core Division knows well. The specialized division, co-led by Mika Mattingly, was launched with the purpose of better serving the dense, urban markets of South Florida, with a myriad of property types and ever-changing zoning and landscape.
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For further information, please contact:
Paola Iuspa-Abbott on behalf of Colliers International South Florida
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