Newmark Arranges Sale Of Wynwood Jungle, Landmark Retail Destination In Miami’s Wynwood Arts District
Originally completed in 2016, the property was substantially renovated and repositioned in 2023 with more than $1 million in capital improvements.
Originally completed in 2016, the property was substantially renovated and repositioned in 2023 with more than $1 million in capital improvements.
The sale marks the largest non-mall retail transaction recorded in South Florida since 2017.
PEBB, in a joint venture with Cincinnati-based Topvalco Inc., sold the property for $30 million.
The entire site encompasses 228,355 land square feet and 435 feet of frontage along South Dixie Highway, and includes a 4-story office building.
The 347,740-square-foot grocery-anchored retail center is situated on over 18 acres and boasts an impressive leasing rate of 98.3%.
JLL represented the seller, Continental Realty Corporation. An affiliate of JBL Asset Management acquired the asset.
Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala and Kim Flores of JLL’s Miami office represented the seller, and John Crotty and Michael T. Fay of the Avison Young’s Miami office consulted with both parties on the transaction.
JLL Capital Markets arranged the sales of the 70,288-square-foot Shops at Sunset Lakes in Miramar, Florida and the 109,811-square-foot Town Center Shops at Jensen Beach.
The 188,389-square-foot property encompasses seven buildings and 29 tenants.
The 100-percent-leased Deerwood Town Center is anchored by a strong-performing Fresco y Mas and Home Depot and also includes Amped Fitness, Pet Supermarket and TD Bank.
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