Ben Mandell, Alex Karakhanian and Michael Simkins joined forces to buy the ground-floor retail space of Society Wynwood, an almost completed mixed-use project,
A joint venture between Mandell’s Tricera Capital, Karakhanian’s Lndmrk Development and Simkins’ Lion Development Group paid $22.5 million for 32,000 square feet at the base of the nine-story development at 2431 Northwest Second Avenue that is currently under construction, a press release states.
The deal breaks down to $703 per square foot.
Society Wynwood’s developers, Miami and New York-based Property Markets Group, or PMG, and Toronto-based Greybrook, are the sellers.
Roughly 50 percent of Society Wynwood’s ground-floor retail space is pre-leased to Starbucks, Nacho Daddy, Chama De Fogo Brazilian Steakhouse and I Scream Gelato, the release states.
Society Wynwood will also almost 300 modern residential units, including co-living units, and a private parking garage.
Source: The Real Deal