The Related Group made another big investment in Miami’s Wynwood neighborhood with a $18.5 million property acquisition.
ERBA Diagnostics, previously known as Diamedix Corp., sold 2.27 acres at 2141-2115 N. Miami Ave., 2150-2160 N. Miami Ave., 38 N.W. 22nd St. and 2155 N.W. Miami Court to PRH Investments, an affiliate of Miami-based the Related Group.
Dave Colonna of FIP Realty represented The Related Group in the deal.
Cushman & Wakefield’s Robert Given, Troy Ballard, Miguel Alcivar, Greg Masin, Frank Begrowicz and Jason Hochman represented the seller.
The property has five buildings for a combined 51,205 square feet. However, the zoning would allow for greater density in a mixed-use project.
Wynwood has been transformed from an industrial area into an attraction for street art, entertainment, shopping and dining. New zoning has led to a massive amount of redevelopment with apartments and offices.
“As Wynwood continues to develop and mature into a world-class hub for the arts and creative businesses, opportunities to acquire large development sites are growing harder to come by,” said Alcivar. “This offering presented a rare opportunity to acquire critical mass with flexible zoning in one of the nation’s most exciting neighborhoods.”
The Related Group couldn’t be reached for comment on its plans for this property.
The Related Group has been especially active in Wynwood. It co-developed the Wynwood 25 apartments, the Wynwood Annex office building, and the Bradley Wynwood, which is being leased to a short-term rental company. It has a mixed-use building planned on Northwest 29th Street and a co-living project slated for Northwest 28th Street.
“While Wynwood is known for its dozens of art galleries and an ever-growing number of restaurants, bars, and retailers, the submarket is only just now starting to see larger scale mixed-use development,” said Given. “This assemblage presents the buyer with an exceptional opportunity to tap into Wynwood’s growth potential and be part of its maturation into a liveable neighborhood.”