Wynwood Development Assemblage Trades For $33.5M
The deal was facilitated by Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors.
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The deal was facilitated by Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors.
Berger Commercial Realty has also been retained as the exclusive leasing agent for the project. Keith Graves, Jonathan Thiel, Daniel Forman, and Lawrence Oxenberg will lead leasing efforts, bringing extensive market expertise and tenant representation experience to the assignment.
Selling for $4.7 million on Jan. 8, the property was designated a Federal Brownfield site in 1999. Stigliano Commercial Real Estate was instrumental in guiding the cleanup process and worked collaboratively with the property owner on redevelopment plans for more than seven years.
The seller originally acquired the property in 2017 for $12.2 million.
The Main was fully leased within two years of delivery and remains 100% occupied today with a high-quality tenant roster of national financial institutions, leading law firms and corporate headquarters.
Adam Marcuvitz, Joseph P. Thomas and Alec Demetriou, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller in the transaction.
Owned and developed by Bridge Industrial, the project is a 270,719-square-foot, two-building speculative industrial project designed to accommodate tenants ranging from 25,000 to 150,000 square feet.
The two properties sold for more than $400 and $800 per square foot.
Renewing the lease would have resulted in rent increasing by roughly three times the firm’s prior rate.
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