In a big move that shows how active Miami’s retail and mixed-use development is, three experienced investors—Ben Mandell, Alex Karakhanian, and Michael Simkins—bought the ground-floor retail space of the Society Wynwood project for $22.5 million.
The project is almost finished, and the retail space is on the first floor of a nine-story building at 2431 Northwest Second Avenue. This purchase, which covers 32,000 square feet, shows that Wynwood is becoming more and more popular for both community life and high-end stores.
The price per square foot, at $703, is impressive and shows that investors believe in the retail business in this area, which is right across from the famous Wynwood Walls.
Why This Purchase Matters
The fact that Tricera Capital, Landmark Development, and Lion Development Group bought this space from the original developers, Property Markets Group (PMG) and Greybrook, shows that Wynwood is growing and becoming a top place for people to live and do business.
Half of the retail space in Society Wynwood is already leased to big names like Starbucks and Nacho Daddy. This purchase not only shows how much potential Wynwood has for businesses but also how it’s becoming a big cultural and social center in Miami.
300 apartments, including shared living spaces, in Society Wynwood, it’s clear that the trend of mixing different types of spaces is changing how we live and shop in South Florida.
Changes in Wynwood
This purchase is happening at a time when Wynwood is quickly changing. Recent deals, like when Doug Levine, the person who started Crunch Fitness, sold some office and retail buildings for $23.5 million, show that investors and developers like this area.
Projects like Society Las Olas and The Elser Hotel & Residences, created by PMG and Greybrook, show how flexible and creative South Florida’s real estate market is. Wynwood is turning into a mix of living spaces, shared living, and stores, which is what a lot of people want in city areas.
What It Means for Miami’s Retail and Mixed-Use Areas
The purchase of Society Wynwood’s retail space is a sign of how things are changing in Miami’s retail and mixed-use areas.
Smart investments are helping these areas grow and change. This deal doesn’t just show that Wynwood is becoming a top spot for new stores and places to live, but also that people believe Miami’s urban areas will keep growing and getting better.
As Wynwood gets more popular with big stores and residents, its shift from an industrial area to a busy cultural and commercial area shows how city areas are changing and growing in the 21st century.
