Make it work! Fabrics store of Project Runway fame buys Midtown Miami buildings

Mood Fabrics plans to renovate the buildings

The Midtown Miami building and Jordan Gimelstein of Dwntwn Realty Advisors

New York’s Mood Fabrics, featured in Bravo’s “Project Runway,” is heading to Miami.

The famed fabrics store, owned by the Sauma family, paid $7.13 million, or about $678 per square foot, for two buildings across the street from the Shops at Midtown Miami, near the Design District, The Real Deal has learned.

Dwntwn Realty Advisors broker Jordan Gimelstein represented Sauma Properties of Miami, as well as the seller, Edith Wigoda. The fashion fabric company plans to open a flagship Miami store at the adjacent properties, at 3550 North Miami Avenue and 24 Northwest 36th Street.

The deal includes about 10,500 square feet of building space on nearly 17,800 square feet of land at the corner of North Miami Avenue and 36th Street. It closed on Wednesday.

One of the Midtown properties was originally listed for lease, but Sauma Properties was interested in purchasing both buildings, Gimelstein said. Companies led by Wigoda paid a combined $3.9 million for the buildings in 2012, according to property records.

Mood Fabrics will be renovating the buildings. The property at 24 Northwest 36th Street is currently leased to Mattress 1, and the main building previously housed an office and art gallery.

Mood Fabrics opened in New York’s Garment District in 1991, expanding a decade later to a 40,000-square-foot space at 225 West 37th Street. It was first featured on “Project Runway” in 2002, and opened a store in Los Angeles five years later.

The Miami headquarters will be blocks away from the Design District, where new high-end stores and restaurants continue to open. In all, Miami Design District Associates, a partnership between Craig Robins’ Dacra and L Catterton Real Estate, is developing 1 million square feet of space and has development rights to another 1.5 million to 2 million square feet on its remaining property, Robins has said.

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Property across from Midtown Walmart sells for $6.5M

2994 North Miami Avenue
A warehouse across from the Shops at Midtown sold for $6.5 million, records show.
The 25,300-square-foot property at 2994 North Miami Avenue is split into three parcels that include a 7,554-square-foot warehouse. The seller, 2994 North Miami Avenue Inc., sold the lots to 2994 NMA Gateway Properties LLC, an entity controlled by Aron Rosenberg of New York, marking his second foray into the neighborhood during the past year.
The seller is controlled by Kevin and Paul Peters of Miami. Property records show it paid a combined $797,500 for the parcels between 2001 and 2008.
Ship repair service Subsea Global Solutions, the previous owner, occupies the building. Together with a neighboring property, the parcels were listed for sale in October for $22.5 million. Marcus & Millichap agents Scott Sandelin and Jonathan de la Rosa were the listing agents.
The properties are across the street from Walmart’s development site. The retail giant is building a 203,000-square-foot store on the 4.6-acre site at 3055 North Miami Avenue. Walmart paid $8.2 million for the property in 2014.
In April 2015, Rosenberg bought a retail building in Wynwood at 2830 North Miami Avenue.

Source: The Real Deal Miami

Midtown, Wynwood and the Design District: all grown up?

Rendering of District 36, Tuesday’s panel and a rendering of Hyde Midtown
As the Design District, Midtown and Wynwood continue to evolve, the neighborhoods could replicate the synergy of Greenwich Village, Chelsea, the High Line and the Meatpacking District in Manhattan, according to some big-name developers.
“You can actually walk around here,” said Gil Dezer, who recently purchased a penthouse at Hyde Midtown, a project he is co-developing. “You see people living the life versus people just going shopping. That is what I wanted to see.”
Last night, the Dezer Development president joined a panel discussion on the interconnectivity between the Design District, Midtown and Wynwood. Held at the Hyde Midtown sales center at 3401 Northeast First Avenue, the group also featured Carlos Rosso, president of condo development for the Related Group; Michael Comras, CEO of the Comras Company; James Provencher, managing partner of Barry’s Bootcamp; and Ivette Day, sales and marketing director at Apeiro Kitchen & Bar.
According to Rosso, Midtown is the hub because it has the largest density of residents among the three neighborhoods. “I think [Midtown] is one of the safest neighborhoods, particularly for women,” Rosso said. “It’s one of the few neighborhoods where people can have pets, even big dogs.”
Related, which is co-developing Hyde Midtown with Dezer, is putting in a huge dog park, Rosso said. “There are another 2,000 units planned for Midtown,” he added. “Some are under construction now.”
Rosso and Provencher, whose fitness company just opened a location at 3252 Northeast First Court, said Midtown is also attracting New Yorkers who want to be close to the hip vibe of Wynwood and the affluent aesthetic of the Design District. “Twenty to 30 percent [of new clients] said they just recently moved down from New York,” Provencher said. “It’s a more professional crowd.”
Provencher said he got a sense of the interconnectivity between the three neighborhoods when Barry’s began building its space at the Shops at Midtown Miami in late 2014. “When we started construction and spending actual time [in Midtown] we realized how everything is close and makes everything into one cohesive neighborhood. It’s not just three separate microcosms.”
Comras said projects like District 36, an apartment and retail mix building being built on 36th Street next to I-95, will further unite Midtown and the Design District. “It’s a linkage project that is going to connect the Design District to Midtown,” Comras, who is leasing the retail space at District 36, said. “All three areas have been evolving on their own, but the beauty is the neighborhoods have been evolving together.”

Source: The Real Deal Miami