A New York-based investor has extended its already substantial holdings in Miami’s Wynwood neighborhood in a deal that looks like a relative bargain based on recent prices.
A company tied to East End Capital has purchased 1.16 acres on the northwest corner of Miami Avenue and Northwest 24th Street for $7 million, an attorney involved in the transaction told the Daily Business Review. The deal values the land, which has several warehouses and a duplex, at $138 per square foot.
Richard Golden, an attorney at Kramer & Golden in North Miami who represented the Del Rosal family as sellers, explained East End agreed last year to purchase the lots from his client. In July, East End purchased 19,813 square feet from the Del Rosals on the northwest corner of Miami Avenue and Northwest 25th for $4 million, or $201 per foot. The company also signed a contract for the newly sold lot but held off on the closing until Thursday to give the seller time for estate and tax planning.
“What happened was that when our client decided to sell the property, quite frankly they didn’t think they were going to sell it as quickly as they did,” Golden said.
After the initial transaction, the Del Rosal family, which owns Downtown Towing Co., purchased and built a new corporate headquarters in Allapattah. The company used a 1031 exchange to minimize taxes on both sales, Golden said.
Besides the properties purchased from the Del Rosals, East End has made substantial acquisitions in Wynwood. The company is developing a 23,500-square-foot retail project. In October, it purchased just over 2 acres for $23.5 million in a deal that set a short-lived per square foot record of $264.
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