In association with Marcus & Millichap, FIP Realty’s Commercial Division represented East End Capital on the $14.5M purchase of three Wynwood warehouse properties located at 310 through 318 NW 25 Street, adjacent to East End’s planned Wynwood 25 mixed-use development.
The properties encompass 26,700 square feet that make up three adjacent warehouses and a 6,000-square-foot parking lot. The space will be available for lease, offering an opportunity for a large-footprint user to include outdoor space and/or off-street parking. It is ideally-located at the intersection of 3rd Avenue and NW 25 Street, where the pilot project for a Wynwood “woonerf” (shared street concept) is proposed to be located.
Andy Charry of FIP Realty and Marcus & Millichap’s Jon Gerszberg brokered the off-market deal.
“At the end of the day, they were the natural buyers. They can now do a much nicer development,” Charry commented. “It’s right at the intersection of 25th and Third so in terms of location, it’s superior to anywhere on 25th [Street].”
East End Capital plans to lease the warehouses, built in 1951, for a large footprint user with outdoor space and parking. A shared-street concept called a “woonerf” has also been proposed for that intersection.
“We are excited to add these properties to our Wynwood portfolio and look forward to bringing artistic and creative companies that add to the unique fabric of the neighborhood,” said Marc Gitto, Director of East End Capital.
Earlier this year FIP Realty’s Dave Colonna sold 1.84 Acres of land with more than 40,000 square feet of buildings belonging to the Miami Rescue Mission for $22M and most recently closed on the sale of almost 1 acre of land for redevelopment on NW 54th St. The company has a consistent track record of successful deals, representing commercial sellers and buyers, which has helped FIP Realty significantly to build a strong portfolio and a solid reputation in the commercial properties market.
Faith Investment Properties has offices in Aventura for the Residential Division and in Wynwood for all commercial transactions offering a wide range of Investments including Multifamily, Retail Plazas, and Office buildings in South Florida.