April 18th, 2017 6:35 PM by Nour Ailan
New York-based JSRE Acquisitions just paid $35 million for an entire retail block along Northwest Second Avenue in Miami’s red hot Wynwood, The Real Deal has learned.
The purchase includes three buildings at 2301 Northwest Second Avenue, 2315 Northwest Second Avenue and 198 Northwest 24th Street, sources told TRD.
The property totals 21,358 square feet of retail space on 22,597 square feet of lots, according to Miami-Dade property records. The buildings were built in 1946, 1947 and 1957. Tenants include Shinola and Etra Fine Art. The seller is the entity 170 NE 40 St Inc., which is tied to Steve Rhodes, records show. Metro 1 represented the seller, sources said. But the firm signed a non-disclosure agreement and declined to comment.
The property is not JSRE’s first purchase in South Florida. In May 2014, JSRE bought 716-720 Lincoln Road in Miami Beach for $34.5 million.
Wynwood has also attracted other New York buyers in recent months. In January, East End Capital and Yellow Side Ventures paid $11 million for the entire block on the west side of North Miami Avenue, between 24th Street and 25th Street.
The purchase included a separate parcel across the street. The city of Miami recently approved new zoning in Wynwood. In October, a slate of changes to zoning and land use designations allowing for denser residential developments on roughly 205 acres in Wynwood went into effect.