Colliers Team in Miami Closes $14 Million Wynwood Warehouse Sale
The buyer wants to repurpose the property as offices — but not in the traditional sense.
April 03, 2018 at 10:00 AM
3 minute read
An all-female, Miami-based team from Colliers International South Florida closed a $14 million sale of an industrial property in the city's Wynwood neighborhood.
Executive vice president and broker Mika Mattingly, vice president of Urban Core Leasing Noa Figari and client services coordinator Cecilia Estevez represented the seller. All three are part of the eight-member Colliers Urban Core division, started by Mattingly, which specializes in about 12 Miami areas, including Allapattah, the Design District, Edgewater and Wynwood.
The 35,176-square-foot warehouse assemblage on 1.7 acres is between North Miami Avenue and the Florida East Coast Railway tracks and from Northeast 24th Street south to 23rd Street.
Goltens Group — which services the marine, offshore oil and gas, manufacturing and power-plant industries by doing, among other things, engine repairs — sold the property to New York-based Carpe Real Estate Partners, led by Erik Rutter and David Weitz. The deal closed March 15.
Daniel Lombardi of Lombardi Properties represented the buyer.
The deal breaks down to about $397.10 per square foot for the warehouses and about $193.90 per square foot for the parcel.
The property will be redeveloped as offices but not in the traditional sense. Think more of an office campus, where there are offices for various companies, a gym and a dining option such as a cafe.
“The warehouses that are on Miami Avenue, they really want to use that for retail. So maybe some restaurants, some cafes. And they want to utilize the back, which is the back warehouse right in front of the railroad, they want to utilize that as creative office,” Estevez said.
The Colliers team dubbed the property The Oasis, which they say captures the site's feel — calm in the midst of hectic Wynwood.
“The property sits on a cul-de-sac abutting the railroad. To us it seemed like just a little oasis. … It just seemed like a calm, really nice place,” Mattingly said. “We really feel that giving it a personality and a brand was one of the main reasons we were able to sell the property so quickly.”
In this deal, what traditionally would be perceived as real estate drawbacks turned out to be what drew the buyer.
The property was selling vacant with Goltens moving to Miramar. It's difficult to sell vacant properties, but in this case it worked as Carpe Real Estate wants to repurpose the site.
The site abuts the train tracks.
“We at first though, 'Oh, God. The sound,' ” Mattingly said.
But it turns out Carpe plans to add windows so workers can see the passing trains, Mattingly said.
“ And then we found people were really getting excited about incorporating the train going by,” she said.
More could be built on the one-story warehouses. As much as 400,000 to 600,000 square feet could be added on the site, much more than the existing 35,176 square feet.
The one-story warehouses along Miami Avenue could be redeveloped to reach eight to 12 stories, and the ones along the tracks could be developed to reach five to eight stories, according to Estevez.
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