Miami Wynwood Development Site Sells for $25M
What Sold in the $25M Wynwood Deal? At the center of the $25 million Wynwood deal was a three-parcel portfolio that included two income-producing buildings and a surface parking lot. The assets were sold by Miami investor Steve Rhodes as a portfolio acquisition, not a single-site trade. They combined existing revenue with redevelopment potential in Wynwood’s active market. Investors in assets like these also face growing risks from deed theft , which can target income-producing and out-of-state properties without warning. The sale closed at a modest discount to the portfolio’s original combined asking price of $28 million in 2022. The included properties were 2121 Northwest Second Avenue, a three-story office retail building completed in 2016, and 2085 Northwest Second Avenue, a one-story retail building dating to 1945. The third parcel, 172 Northwest 21st Street, functioned as a surface lot. One building measured about 32,000 square feet, while the other measured about 6,000 square f...