Avison Young has been awarded the exclusive sale listing for a four-building portfolio located at 2021-2039 NW First Place in Miami’s Wynwood Arts District.
Dubbed “Two Aces,” the portfolio consists of 12,400 square feet of fully renovated “industrial chic” warehouse, gallery, and showroom space, situated on 20,000 square feet of land.
Avison Young’s Michael T. Fay, principal and managing director of the firm’s Miami operations; Joe Abood, senior associate, and Myles Stepner, associate, will spearhead the marketing and sale of the portfolio on behalf of the private owner seller.
“Two Aces is a unique investment offering located in a high-barrier-to-entry market, which is in the midst of rapid transformation,” Fay said. “The portfolio is currently 75 percent occupied, which will allow a new owner to benefit from the consistent income the properties are generating and the opportunity presented by the remaining rentable spaces to capitalize on the upward trend of rental rates in the market.”
The current tenancy at Two Aces is a high-traffic, eclectic mix of businesses including an art gallery, an audio-visual and lighting solutions company, and an innovative technology lounge and workspace for university students and creatives.
Additionally, the property is primed for redevelopment as it comes with favorable T-5-O zoning allowing for five-story heights. The recent zoning change in the area — which is the foundation for greater density — is the catalyst for much of the property trading transactions that have taken place in recent months.
“Within the very near future, 20,000 square feet of contiguous land in Wynwood will be extremely challenging to identify for purchase,” Stepner said. “Due to the profitable attributes the portfolio possesses for the immediate advantage of a new owner, the mid- to long-term options for redevelopment to maximize the success of the property, and the narrowing opportunities of this caliber in the market, Two Aces is a winning hand.”
The Wynwood Arts District, previously the warehouse and manufacturing district of Greater Miami, is home to over 70 art galleries, retail stores, antique shops, eclectic bars, and one of the largest open-air street art installations in the world.
During the past few years and particularly in recent months, significant investment sales activity has taken place with a rapid trend of new owners and developers seeking to reposition or redevelop warehouses, factories and unused buildings, transforming them into the homes of diverse and creative businesses operating in the area today. As a result, Wynwood has become one of the hottest submarkets for investment in Miami, drawing a broad variety of tenants as well as international and local patrons alike.
For more information, contact Fay at 305-447-7842 or visit www.avisonyoung.com/offices/miami.