Leasing for 30,000 square feet of storefronts has gone better than expected, with tenants paying an average rent of $75 a square foot, Arellano said. “The concession packages are a little different for each tenant, and the rent structure depends on the space type,” Arellano said. “We are six months in, and the building is close to being stabilized. It usually takes about a year.”
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A New York-based self-storage developer picked up a three-property assemblage in Miami’s Wynwood that is primed for redevelopment. Tony Arellano and Devlin Marinoff with DWNTWN Realty Advisors represented the seller in the latest deal. Jordan Karp with Jordan Karp LLC represented the buyer.
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“What started to happen was a cluster of tech and VC expats from the Bay Area and San Francisco and the West Coast, and others from New York, started to believe Miami could be their new home, and that Wynwood was sort of the preeminent and most appropriate neighborhood for their use,” Arellano said.
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Related Group and East End Capital have sold Wynwood Annex for $49 million to a new-to-market San Francisco-based buyer Brick & Timber Collective. The transaction was overseen by DWTNWN Realty Advisors Co-Founders Devlin Marinoff and Tony Arellano P.A., who represented both the buyer and the seller.
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Art storage provider UOVO is expanding its Wynwood facility. The New York-based firm bought a 21,000-square-foot parcel at 328 and 342 NW 29th Street for $11.5 million. DWNTWN Realty Advisors’ Tony Arellano and Devlin Marinoff, who announced the sale, represented the seller.
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Dutch firm Eicholtz, a retailer of high-end furniture and home accessories, will occupy the first floor and mezzanine at the Miami Design District building at 3711 Northeast Second Avenue. Tony Arellano and Joe Fernandez of DWNTWN Realty Advisors represented the tenant and landlord.
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In three deals totaling $17.3 million, an entity with ties to a Nashville-based real estate investment firm picked up a seven-warehouse portfolio in Miami’s Little River neighborhood. Tony Arellano from DWNTWN Realty Advisors represented Weprin’s entity in the Little River deals.
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UOVO Storage Deluxe has acquired a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. The buyer was represented by Jordan Karp and the seller was represented by Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors.
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“It is fitting that Breitling moves into the final available space on this important block and joins some of the world’s most luxurious retailers, such as Louis Vuitton, Ermenegildo Zegna, Tiffany & Co. and Burberry, in the Design District,” Arellano said. “We are proud of our role in leasing up Design 41 and helping the entire neighborhood reach its full potential.”
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The Swiss company finalized a 10-year lease for 1,832 square feet at the mixed-use Design 41 building earlier this month, according to brokers representing the landlord, DWNTWN Realty Advisors’ Tony Arellano and Joe Fernandez.
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The buzz about South Florida becoming “more relevant” has reached a near-deafening pitch. Startup transplants’ tweets extoll the region as their new mecca, and headlines rename the area the “Silicon Valley of the South” or the “Wall Street of the South.”
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DWNTWN Realty Advisors Co-Founders and Managing Partners Tony Arellano and Devlin Marinoff recently brokered the sale of a $6.35 million commercial building in the popular Wynwood neighborhood. The team represented the seller, Alex Karakhanian’s LNDMRK Development, and the buyer, Forte Capital’s Chaim Cahane and Sheridan Capital, which plans to renovate the 14,000-square-foot building at 2830 NW Fifth Ave. into creative offices.
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