JSRE Acquisitions adds to Wynwood portfolio with $5.7M buy

194 Northwest 24th Street in Wynwood
After buying a retail block along Wynwood’s Northwest Second Avenue, New York-based JSRE Acquisitions has acquired an adjacent building for $5.65 million.
County records show the 4,131-square-foot warehouse at 194 Northwest 24th Street traded hands for $1,367 per square foot. Trendy Properties LLC sold the property to 194-196 Wynwood LLC, an entity that ties back to the owner next door.
Eric Gonzalez, co-founder of Central Commercial Real Estate, represented the seller in the off-market deal. Devlin Marinoff, managing director of Whitehall Realty Advisors, and Tony Arellano, executive vice president of Metro 1 Commercial, represented the buyer.
Property records show Trendy Properties bought the 7,137-square-foot plot in 2004 for $182,500 and built the two-story building in 2007. It was on the market for lease only, listings show. The seller, controlled by Enrique Lopez and Irma Martinez, formerly occupied the space as a production studio.
Earlier this month, JSRE paid $35 million to buy three buildings between 23rd and 24th streets along Northwest Second Avenue where tenants include Shinola and Etra Fine Art. Together with this week’s acquisition, JSRE owns 25,489 square feet of buildings and 29,734 square feet of land in Wynwood.
New zoning changes to the artsy neighborhood increased commercial activity in Wynwood.In October, a slate of changes to zoning and land use designations allowing for denser residential developments on roughly 205 acres in Wynwood went into effect.
The firm also owns property at 716-720 Lincoln Road where it spent about $35 million in 2014.

Source: The Real Deal Miami

Entire retail block in Wynwood trades for $35M

2301 Northwest Second Avenue
New York-based JSRE Acquisitions just paid $35 million for an entire retail block along Northwest Second Avenue in Miami’s red hot Wynwood, The Real Deal has learned.
The purchase includes three buildings at 2301 Northwest Second Avenue, 2315 Northwest Second Avenue and 198 Northwest 24th Street, sources told TRD.
The property totals 21,358 square feet of retail space on 22,597 square feet of lots, according to Miami-Dade property records. The buildings were built in 1946, 1947 and 1957. Tenants include Shinola and Etra Fine Art.
The seller is the entity 170 NE 40 St Inc., which is tied to Steve Rhodes, records show.
Metro 1 represented the seller, sources said. But the firm signed a non-disclosure agreement and declined to comment.
The property is not JSRE’s first purchase in South Florida. In May 2014, JSRE bought 716-720 Lincoln Road in Miami Beach for $34.5 million.
Wynwood has also attracted other New York buyers in recent months. In January, East End Capital and Yellow Side Ventures paid $11 million for the entire block on the west side of North Miami Avenue, between 24th Street and 25th Street. The purchase included a separate parcel across the street.
The city of Miami recently approved new zoning in Wynwood. In October, a slate of changes to zoning and land use designations allowing for denser residential developments on roughly 205 acres in Wynwood went into effect.

Source: The Real Deal Miami