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Clothing Manufacturer/Retailer Moves Headquarters From Midwest To Wynwood

Wynwood Annex_Photo Credit The Related Group 1170x435

A sun protection apparel manufacturer just moved its corporate office to Miami’s Wynwood Arts District from downtown Minneapolis.

The firm, Coolibar, announced on July 2 that they now occupies the whole third floor of the Wynwood Annex Building at 215 N.W. 24th St.

About 45 people work in the 8,200-square-foot office, said Robert Burns, Coolibar’s public relations and events manager. The office serves as a base for Coolibar’s e-commerce, finance, marketing, HR, sales, customer support and product design teams, he added.

After more than 20 years in Minneapolis, Coolibar moved to Miami because “being in the Sunshine State allows us to design and, more importantly, test [our] products year round,” said Chief Brand Officer Sebastien Ozanne.

 

Source:  SFBJ

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Wynwood Office Owner Files For Bankruptcy To Stop Foreclosure

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The owners of the Gateway at Wynwood office building and a neighboring bank office filed Chapter 11 reorganization one day before their properties were to be taken away by a foreclosure auction.

Based in Valley Stream, Long Island, The Gateway at Wynwood LLC and 2830 Wynwood Properties filed Chapter 11 petitions in U.S. Bankruptcy Court for the Eastern District of New York on July 1. In his capacity as both firms’ chief restructuring officer, David Goldwasser signed the petitions.

In the declaration, Goldwasser stated that in 2020, the developers triumphed against a “wholly unexpected cyberattack” in which a $3 million payment to the general contractor was misdirected and pilfered by cybercriminals. He said that although the debtors are pursuing claims to recoup that money, the scenario caused it to lose important cash liquidity.

In June, Wilmington Trust, as part of a commercial mortgage-backed securities (CMBS) trust, won a $111.9 million foreclosure judgment against Gateway at Wynwood LLC and 2830 Wynwood Properties over a mortgage with $101.7 million in principal outstanding, plus interest and fees. The 14-story office building at 2916 N. Miami Ave. and the 5,187-square-foot bank branch at 2830 N. Miami Ave. were slated for court auction July 2. That auction was canceled due to the bankruptcy filing.

However, on June 27, the CMBS trust assigned its right to bid through the final judgment at auction to 2916-2994 Gateway LLC, managed by Trevor Smith of CIRE Real Estate Advisors in San Diego.

 

Source:  SFBJ

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Developer Scores $77M Loan For 8-Acre Wynwood Assemblage

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The original developer of Baha Mar in the Bahamas secured a $76.8 million loan, with plans to build on eight acres of land in Miami’s Wynwood neighborhood.

Miami and Bahamas-based More Development spent $115 million-plus assembling six blocks in south Wynwood between 2018 and 2022 where it plans a mixed-use project, said Whitney Thier, president of the firm. The project will be called SoWy.

JP Morgan Chase provided the financing for the properties, which are along Northwest Second Avenue between Northwest 20th and 22nd streets, according to a press release.

The land could be developed into nearly 2.5 million square feet. The developer could also use the Live Local Act, a new state law that incentivizes developers that incorporate workforce housing into their projects.

Thier said it is too soon to say what More Development’s project will include, but that it will have residential, retail, office, hospitality and arts components.

 

Source:  The Real Deal

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Doug Levine Continues Wynwood Sell-Off, Listing Two Office Floors For $28M

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Doug Levine is on a Wynwood selling spree, listing the majority of a three-story office building after recently unloading a trio of properties in the trendy Miami neighborhood.

The Crunch Fitness founder placed the top two floors of Wynwood Sky Office Building at 1900 Northeast Miami Court on the market with an asking price of $27.9 million, an online brochure shows. The first floor, owned by Los Angeles-based investor Mark Markos, is not for sale.

Tony Arellano and Devlin Marinoff with Dwntwn Realty Advisors are handling the listing and previously sold the building to Levine.

The 58,500-square-foot warehouse was converted into an office building last year. Levine’s portion of Wynwood Sky spans 40,000 square feet that is fully leased after eight tenants signed short-term agreements last month, according to the brochure.

Tenants include Monster Energy, Aroma 360, Super Caddy, Seitrack US and Building Drops. The annual rent roll is $2 million with a net operating income of $1.4 million. By 2034, the net operating income is estimated to grow to $2.6 million a year, according to Dwntwn Realty Advisors.

The first floor, owned by Los Angeles-based investor Mark Markos, is not for sale. In 2020, Levine sold the first floor to Marko for $7.5 million.

 

Source:  The Real Deal

 

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Gateway At Wynwood Heads To Foreclosure

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Three years after completing Gateway at Wynwood, R&B Realty could lose the 14-story mixed-use building at a foreclosure sale set for next month.

On May 28, Miami-Dade Circuit Court Judge Pedro Echarte Jr. granted final judgment in favor of Wilmington Trust NA as trustee for Boise-based A10 Capital, court records show.

Two months ago, Wilmington Trust filed a foreclosure complaint against the R&B affiliate that owns Gateway at Wynwood at 2916 North Miami Avenue. The lawsuit alleges that New York-based R&B defaulted on two loans by failing to make monthly payments since December.

As of last week, R&B allegedly owes $111.9 million in principal, interest and fees, Echarte’s order states. Aron Rosenberg, R&B’s CEO, did not respond to an email request for comment, and attorneys for Wilmington Trust declined comment.

The foreclosure auction is set for July 2, court records show.

Gateway at Wynwood is among a handful of new office buildings with ground-floor retail that opened in the trendy neighborhood in recent years. When the 220,000-square-foot building was completed in 2021, R&B ramped up office and retail leasing at Gateway at Wynwood over the following year. The tenant roster includes tech start-up OpenStore, crypto company Ripple, brokerage Marcus & Millichap, biopharmaceutical company Veru, and coworking provider Mindspace.

But roughly 59,000 square feet, including the entire 12th floor, remains vacant. Its street-level ground-floor spaces are plastered with advertising to attract potential tenants.

The neighborhood, which is still going through a development boom that is adding thousands of new apartments, condo units and hotel rooms, has roughly 760,000 square feet of available office space, CoStar data shows. Nearly half of the available square footage is under construction, including a planned 12-story building with 250,000 square feet of office that is part of the Wynwood Plaza project adjacent to Gateway at Wynwood.

 

Source:  The Real Deal

 

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Co-Working Giant Closing Outpost In Miami Beach In Bankruptcy Restructuring

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WeWork, which filed for Chapter 11 bankruptcy restructuring in November, put the branch at 429 Lenox Avenue in Miami Beach on the chopping block, according to a notice WeWork filed in court on Thursday.

The closing would be the first Miami-Dade County outpost WeWork wants to scrap as part of its restructuring plan. The outpost is among those listed in the filing’s “schedule of rejected unexpired leases.”

WeWork has six branches in South Florida, all of them in Miami-Dade County. This month, it announced it’s keeping four outposts. They are at the Wynwood Garage, 360 Northwest 27th Street in Miami’s Wynwood neighborhood; 78 Southwest Seventh Street in Brickell City Centre in Miami; and two Coral Gables at 2222 Ponce de Leon Boulevard and at 255 Giralda Avenue in the Giralda Place. Both of the Coral Gables offices are at the Giralda Place mixed-use complex.

The fifth outpost is at the Southeast Financial Center at 200 South Biscayne Boulevard in downtown Miami. In 2017, WeWork leased 90,000 square feet on four floors at the 55-story tower owned by billionaire Amancio Ortega’s Pontegadea real estate firm.

The Southeast Financial Center branch is listed in the “schedule of assumed unexpired leases” in WeWork’s court notice, signifying it may also be keeping this outpost.

WeWork first filed a motion to reject its Miami Beach lease last month, though the firm said it was still hoping to remain at the location. At the time, a WeWork spokesperson said that it was in talks with the building’s owner but so far had been “unable to reach an agreement with our landlord,” the South Florida Business Journal reported. The April filing to potentially reject the lease was submitted to the court in case WeWork fails to reach a deal with the landlord.

Now, WeWork confirmed it had finalized its decision to close the outpost.

 

Source:  The Real Deal

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Construction Of Phase 2 Of Wynwood’s ‘Wyncatcher’ Project Set To Begin

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Berkadia has secured a $35 million loan to fund the construction of Phase II of Wyncatcher, a new 78,000-square-foot mixed-use creative space in the renowned Wynwood Arts District in Miami.

Managing Director Scott Wadler and Vice President Michael Basinski secured the financing on behalf of the sponsor, Morabito Properties, a Miami-based development firm led by Valerio Morabito.

The deal closed on May 29.

The project consists of two adjoining properties built in phases: Phase I, which was completed in Q4 2023 and consists of 38,400 square feet, is entirely leased to Knotel, a flexible workspace provider. Phase II will consist of 6,000 square feet of ground-floor retail space and 42,000 square feet of creative office space, slated for completion in Q2 2026.

BridgeInvest provided the floating-rate loan which will be used to pay off the existing construction loan on Phase I and fund construction on Phase II.

“Wynwood continues to fortify its reputation as a hub for innovative and creative companies,” said Wadler. “Morabito’s commitment to elegant design fits in perfectly with the ethos of this neighborhood and will ensure Wyncatcher is one of the most desirable creative office properties in the city.”

Located at 2143 Northwest 1 Avenue & 2150 Northwest Miami Court, the Wyncatcher is a high-design project by Morabito Properties involving internationally recognized architecture firm Arquitectónica, the trailblazing Vagabongarq team, and Portuguese artist Alexandre Farto, also known as Vhils.

Phase I features a two-story industrial-style building with restaurant space, a rooftop terrace, elegant double-height, black-frame windows, and a Vhils Studio designed carved concrete facade. Phase ll will be composed of an open-air covered car park, a private garden, large double-height white frame windows, high ceilings, and natural light. The space will be ideal for creative tenants with its open-format layout, and with abundant indoor and outdoor areas, will be conducive to hosting of large events and corporate gatherings.

The property affords convenient access to the Wynwood Arts District’s most notable restaurants, retailers, entertainment, and attractions like Wynwood Walls, Pastis, UNKWN, as well as Downtown/Brickell, Miami Beach, and Miami International Airport.

 

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Pharma Company Moves HQ From Midwest To Miami Beach

777 W 41st St

SAB Biotherapeutics moved its corporate headquarters to Miami Beach ahead of a receiving clearance to begin a clinical trial for a new type 1 diabetes treatment.

Previously based in Sioux Falls, South Dakota, the company now has a 1,300-square-foot headquarters office at 777 W 41st St. (777 Arthur Godfrey Road) that opened in April. The firm’s research and development campus remains in South Dakota.

Chairman and CEO Samuel J. Reich is a longtime Miami resident.

 

Source:  SFBJ

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WeWork’s Last Remaining Miami Beach Office Is Up In The Air

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Major coworking space operator WeWork submitted a move to revoke the lease at its Miami Beach facility.

Based in New York, WeWork submitted a motion to the United States Bankruptcy Court District of New Jersey to reject two leases on April 16. One of the leases is in South Beach at 429 Lenox Avenue. The other is in Irvine, California. On May 31, WeWork may terminate both leases, per court filings.

A spokeswoman for WeWork said the company wants to remain at Lenox Avenue, but has to make preparations to exit in case a deal can’t be worked out. WeWork is the sole tenant in the five-story building.

 

Source:  SFBJ

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Gridline Properties Signs Leases With Monster Energy, 7 Others At Wynwood Office Building, Achieving 100% Occupancy

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Gridline Properties has closed eight lease agreements totaling nearly 40,000 square feet of space on behalf of commercial real estate investor and landlord, Big Move Properties, marking 100 percent occupancy of the newly renovated office building at 1900 NE Miami Ct.

Leasing Director and Senior Associate Emilia Howard facilitated the lease transactions on behalf of the landlord for the centrally located building at the intersection of Wynwood and Downtown Miami.

The three-floor office building, owned by Big Move Properties, is known as ‘The Sky Building’ and spans a total of 58,500 square feet. The new tenants will reside on the second and third floor, totaling nearly 40,000 square feet. The first floor was previously leased. The building was recently renovated, designed by interior design firm, ReDefine Design, to include modern, loft style offices with glass partitions, LED lights, natural light, high ceilings and exposed, artistic brick walls. Big Move Properties offers tenants build-to-spec office options. Located along North Miami Avenue, Wynwood’s most trafficked artery, the property offers easy access and walking distance proximity to many Wynwood eateries.

Leases were signed with Touchland LLC, Seitrack US, 4Eon, Building Drops, Supply Caddy, Aroma 360, MicroDesign, Sherpa, and Monster Energy, newcomer to the market. All tenants have moved in, except for Monster Energy, which is slated to move in in early May. Details of the newly signed leases and tenants can be found below.

  • Monster Energy – Company that produces a variety of energy drinks, coffee drinks, hydrating sports drinks, juices, teas, beer and alcoholic beverages. | Leased 7,932 square feet | Represented by Vivian Gonzalez and John Marshall of Cushman and Wakefield
  • Aroma 360 – A luxury scenting company that provides scenting solutions for homes, businesses, and commercial spaces – even cars. | Leased 9,588 square feet | Represented by Gridline Properties
  • Supply Caddy – A leading global manufacturer and supplier of packaging and disposables for the food service industry. | Leased 4,298 square feet | Represented by Carlyle Coffin of Stream Realty Partners – Florida
  • Touchland LLC – An award-winning lifestyle brand that produces a unique hand sanitizing mist experience in a variety of scents. | Leased 2,927 square feet | Represented by Emilia Howard of Gridline Properties
  • Seitrack US – Artist management and booking agency specializing in key areas for artistic development. | Leased 2,625 square feet | Represented by Emilia Howard of Gridline Properties
  • Building Drops – A structural engineering consulting company with a focus on the glazing industry. | Leased 3,375 square feet | Represented by Mateo Romero of Gridline Properties
  • Mircro Design & Sherpa – The two full-service food & beverage design companies will share an office. | Leased 2,550 square feet | Represented by Gridline Properties
  • 4EON – A leading, full-service experiential marketing agency that specializes in merging both the live and digital worlds for top global brands. | Leased 1,334 square feet | Represented by Luca Migliore of Gary Hennes Realtors

Despite market challenges with office leasing, Gridline Properties was able to secure a strong roster of local and institutional tenants to this adaptive reuse project in the Wynwood neighborhood.

“The success we’ve had while leasing this building proves that Wynwood continues to appeal to growing businesses,” said Emilia Howard, Leasing Director and Senior Associate at Gridline Properties. “We are thrilled to have guided these tenants through the leasing process and to work with a visionary landlord like Big Move Properties that continues to meet the evolving needs of today’s businesses.”

Big Move Properties is a commercial real estate development firm specializing in unique, creative spaces customized for businesses seeking to capitalize on the energy of Miami’s most exciting neighborhoods including Wynwood, Allapattah and Little River.

“The Sky Building is an idyllic property that embodies the essence of Wynwood and offers a dynamic work environment for tenants,” said Doug Levine, Chief Executive Officer of Big Move Properties. “We enjoyed working with Gridline Properties throughout this process and are excited to welcome our new tenants.”

 

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