Transwestern’s Miami office today announces its South Florida Capital Markets Team has been retained to continue to market for sale a 50,000-square-foot retail building located on close to one acre at 1900 NE Miami Court, the gateway to Miami’s Wynwood and Edgewater corridors.
Noting trends in the market of limited availability of retail space and the abundance of residential development, John Bell, managing director with Transwestern, counseled the asset’s ownership to reposition the property as a value-add investment with income-producing capability in place. In addition, based on the motivation of the seller, coupled with Transwestern’s metrics, the property is being listed below its previous asking price.
“Wynwood has already seen seismic alteration demographically and physically in recent years and the next decade promises massive transformation through both public and private revitalization efforts,” Bell said. “As such, we are confident that this property, a gold standard for the area’s investment profile, will allow investors/developers to deliver a space today that meets the demands for adaptive for creative office, retail, mixed-use or be transformed into further development use.”
Located in the Downtown/Brickell submarket, the three-story building boasts wide-open floorplates ideal for potential office, retail, galleries, creative space, and residential lofts on upper levels. Fronting N. Miami Avenue, the property has signage opportunities on the main thoroughfare connecting the Downtown/Brickell markets with Wynwood, Midtown and the Design District.
“On the investment sales front, this particular area is one of the most active and desirable globally. This is South Florida’s Soho,” Bell added.
The nearly one-acre site occupies a high profile, double corner lot within a few blocks of Biscayne Bay. Its position insulates it from being blocked by future development on adjacent parcels, ensuring spectacular views.
The existing owner is a charter school that will be vacating the premises for a new school building they are constructing.