MB America, a Miami-based wealth and investment management company, has sold SPACEBY3, a 1920’s complex of warehouses converted into blank-canvas spaces, in Miami’s Wynwood Art District for $11 million on behalf of a private client.
The sale represents a 57% return for MB America’s client within one year.
“Miami has proven itself as one of the most dynamic and vibrant real estate markets worldwide. We were confident that there would have been new development in the area increasing the value of this investment” said Marco Bruzzi, co-founder and CEO of MB America. “With this project, the property attracted considerable interest which resulted in a competitive tendering process. The new owners saw the potential in a rare opportunity to acquire a prime site in one of the most interesting areas for real estate investment and development in Miami.”
SPACEBY3, located at 2105 North Miami Avenue, is a versatile venue with an iconic redbrick façade, 22-foot high vaulted ceilings, outdoor space and 33,474 square feet of contiguous, single-level area.
The seller was represented by Metro 1 Commercial Executive VP Tony Arellano. The property was acquired by Wynwood Property Partners, which was represented by Douglas Elliman‘s Mick Duchon.
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