Marcus & Millichap announced the sale of the Wynwood Renovated Infill, a 3,959-square foot retail property located in Miami, according to Ryan Nee, Vice President/District Manager.
The asset sold for $4,605,000.
Drew A. Kristol and Kirk D. Olson, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, an affiliate of Lombardi Properties and Bayshore Investment Partners. The buyer, a private investor, was also secured and represented by Kristol and Olson.
“The Buyer was attracted to the asset due to the great location, lack of deferred maintenance and the strength of the tenants in place,” said Kristol, Senior Vice President of Investments.
The property has two small bay restaurant tenants, La Sandwicherie and Baccano Miami; both are successful, well-known concepts in the Miami area with long-term leases and strong annual base rental increases. The building sits just east of busy NW 2nd Avenue on the main retail/nightlife street in Wynwood and has incredible curb appeal with rare outdoor dining space for both tenants. The building has also benefitted from significant renovations both by the owners and tenants.
“Right now, the restaurant market in Miami is flourishing and there seems to be numerous investors looking for restaurant properties due to the huge post-covid customer demand,” said Olson, Senior Vice President of Investments.
Initially constructed in 1970, the Wynwood Renovated Infill retail opportunity is located at 169 NW 23rd St in Miami. Formerly an industrial district, the Wynwood area is now known for its distinctive murals, renowned art galleries, eccentric restaurants, microbreweries, clothing stores, dance venues, and technology startups. The newly remodeled Wynwood 23rd Street Retail Strip is within 5 minutes walking distance of Wynwood’s Mana Convention Center.
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