Commercial Assemblage Closes in Miami’s Wynwood Arts District for $4.39M
Lee & Associates South Florida Announces the Sale of a Two Parcel Commercial Assemblage for $4.39M in Miami’s Wynwood Arts District
MIAMI, Florida—August 10, 2021 – Lee & Associates South Florida announces the sale of a two-parcel assemblage in Miami’s trending Wynwood Arts District for $4.39 million. Lee & Associates South Florida President, Matthew Rotolante, SIOR, CCIM, and Vice President, Michael Avendano, represented the Seller, Carol Invest, USA, and procured the Buyer, JAK Land, LP. The property located at 560-566 NW 29th Street in Miami, Florida traded on July 20th, 2021, for $4,389,250, or $400.81 per SF.
The property consists of two adjacent commercial buildings fronting NW 29th Street, both adorned with the traditional street art, and enjoying proximity to the hottest art galleries, restaurants, and entertainment venues, and just blocks away from the world renowned Wynwood Walls which attracts thousands of visitors each month. The buildings total 10,951 SF of flexible/ creative use space and offers a gated private parking lot with 6 parking spaces, and visibility from I-95 traffic counts of over 247,000 vehicles per day.
The underlying Miami 21 zoning is T6-8-O allowing excellent future development potential. To join over two-dozen major active developments currently under construction and planned for the area for in 2021 and beyond and slated to bring thousands of new residential units and hotel rooms, and office and retail space.
Rotolante is also marketing for the seller The Orchid House Hotel, a private, luxury boutique hotel in Miami Beach located directly in the heart of South Beach on Collins Ave and designed by renowned architect, Wallace Tutt, who also designed the Versace Mansion. Carol Invest, USA was referred to Lee & Associates South Florida by the Lee & Associates New York City office for service and stands as a testament of the collaborative culture within the Lee & Associates national network.
Lee & Associates | South Florida is a full service commercial real estate brokerage firm providing the highest level of service to South Florida’s diverse industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, a 4th generation Miami native in a family that has owned and operated commercial property in the South Florida market since 1928. Our bilingual culture allows for open communications throughout the company, fostering collaboration and information sharing. In addition, the Lee & Associates’ robust national network that sold and leased nearly $16 Billion in commercial real estate in 2019 offers clients a cross-market platform of services and expertise across all asset specialties and representation roles.
Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.