East End Capital paid $14.5 million for three warehouses in Wynwood, properties that are next to the developer’s planned mixed-use project.
Andy Charry of FIP Realty and Marcus & Millichap’s Jon Gerszberg brokered the off-market deal, Charry told The Real Deal. New York and Miami-based East End closed on the buildings at 310-318 Northwest 25th Street in Miami. They total just under 20,000 square feet of building space and 26,700 square feet of land, including a 6,000-square-foot parking lot. The deal comes out to about $725 per square foot for the warehouse space and $543 a foot for the land.
Property records show Kyung J. Bae and the Young Jin Bae Partnership are the sellers. They paid $250,600 for the two parcels in 1992. Charry said the sellers were “legacy owners looking to finally cash out.”
East End plans to lease the warehouses, built in 1951, for a large footprint user with outdoor space and parking. A shared-street concept called a “woonerf” has also been proposed for that intersection.
The warehouses are adjacent to where the developer plans to build Wynwood 25, a 289-apartment, 400,000-square-foot mixed-use project 31,000 square feet of ground floor retail and 340 parking spaces. The Miami Urban Design Review Board approved those plans in July, and the developer plans to break ground during the first quarter of 2017.
“At the end of the day, they were the natural buyers. They can now do a much nicer development,” Charry told TRD. “It’s right at the intersection of 25th and Third so in terms of location, it’s superior to anywhere on 25th [Street].”
East End, led by director Marc Gitto, has been active in Wynwood, downtown Miami and Miami Beach. The company completed the Wynwood Arcade, an adaptive re-use project on 24th Street, in the summer, and purchased the office building at 100 Biscayne for $84 million in October.