An affiliate of New York-based TriStar Capital and New York-based RAL Development Services paid $13 million for a building in Miami’s Wynwood Arts District to set up a major development.
JCR Investments of Boca Raton, managed by Ok Bun Yu in Boca Raton, sold the 31,250-square-foot site at 2701 N.W. Fifth Ave.
The buyer was Brownstar LLC, managed in partnership with RAL and TriStar, a major commercial real estate developer led by and David Edelstein. Dallas-based Comerica Bank provided a $12.1 million mortgage to the buyer.
The property has a 20,239-square-foot building that was constructed in 1963 and recently housed clothing and jewelry retailers.
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