Gamma Real Estate sold a foreclosed development site in Miami’s Wynwood district for $26 million, property records show.
The New York-based seller gained control of the 1-acre assemblage that encompasses 2825 Northwest Second Avenue, 169 and 179 Northwest 28th Street, and 166 and 172 Northwest 29th Street last year through a foreclosure auction, after the U.K.-based owner The Collective went bankrupt.
The site consists mainly of vacant lots, except for a one-story, 10,500-square-foot retail building at 2825 Northwest Second Avenue built in 1936; and a one-story, 2,000-square-foot commercial building at 166 Northwest 29th Street built in 1953, property records show.
In 2019, Gamma had lent the now-defunct co-living company $23 million for a mixed-use project and, in 2021, Miami’s Urban Development Review Board approved a 12-story development for the site. But it never broke ground. The approved plans included 180 residential units, 70 hotel rooms and 9,508 square feet of ground-floor retail.
Jonathan Kalikow, president of Gamma Real Estate, declined to reveal the buyer, known in records only as 2825 Wynwood Holding LLC, but did divulge that it’s a “sophisticated institutional investor” already active in Florida. 2825 Wynwood Holding LLC ties to Investment Property Exchange Services, or IPX1031, a company based in Phoenix, AZ with locations nationwide that handles 1031 exchanges on behalf of clients.
Cushman & Wakefield‘s Robert Given and Troy Ballard negotiated the sale.
The site, which sits at the corner of NW 29th Street by the northern end of the neighborhood, houses a single-story apartment building, two retail properties and four vacant lots.
Source: Commercial Observer