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Three Wynwood Buildings Assemblage Changes Hands

2324-2328 North Miami Avenue & 36-38 Northwest 24th Street aerial map_Photo Credit Google Maps 1170x435

Crunch Fitness founder Doug Levine sold a trio of commercial buildings in Miami’s Wynwood for $23.5 million, roughly $6 million below his asking price.

Wynwood 126 acquired the 0.7-acre portfolio that can be redeveloped into a mixed-use project with a hotel or multifamily component.

Levine paid a combined $5.9 million for the assemblage between 2013 and 2014, records show. The three buildings at 2320-2328 North Miami Avenue and 36-38 Northwest 24th Street were completed in 1928 and 1950.

 

Source:  The Real Deal

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Wynwood Dev Site Goes On The Block For $30M

Doug Levine is listing three Wynwood retail buildings primed for redevelopment, with an asking price of $30 million.

The Crunch Fitness founder and real estate investor is looking to sell the fully leased properties at 2324-2328 North Miami Avenue and 36-38 Northwest 24th Street, according to an offering.

Levine paid a combined $5.9 million for 0.7-acre assemblage in 2013 and 2014, records show. The buildings were completed in 1928 and 1950.

The three buildings, totaling 25,855 square feet, are fully occupied, but the majority of tenants have expiring leases, the offering states. Tenants include 305 Degrees Burger Bar and Back Door Monkey bar nightclub.

The site also comes with a liquor license.

Potential buyers can redevelop the properties into an eight-story to 12-story mixed-use project with either 108 residential units or  216 hotel rooms, the brochure states. Under Wynwood’s zoning overlay, developers can also obtain bonuses to build an additional 54 residential units or an additional 108 hotel rooms.

Levine is also willing to provide seller financing of up to 50 percent of the portfolio’s value, according to the offering.

 

Source:  The Real Deal

 

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