Key Takeaways
- • Lndmrk Development, Torose Equities, and Lion Development Group have listed more than 42,000 square feet of ground-floor retail at Society Wynwood and Flow tower for $76 million, marketed by Dwntwn Realty Advisors' Tony Arellano and Devlin Marinoff.
- • The offering comprises 14 retail suites across 2401 and 2431 Northwest Second Avenue, 87 percent leased to 13 tenants under triple-net leases, with a weighted average lease term of 9.3 years.
- • The 2431 Northwest Second Avenue property is asking $54 million and the 2401 property $22 million, and the two can be sold together or separately.
- • Flow, the residential operator founded by Adam Neumann, bought a 50 percent stake in the building in May and rebranded it from Society Wynwood.
- • The listing sits less than 200 feet from the planned Carnegie Mellon University campus, the catalyst behind Ken Griffin's $1.1 billion purchase of 35 acres from Moishe Mana, with the campus expected to open in 2028.
Summary
Lndmrk Development, Torose Equities, and Lion Development Group are marketing more than 42,000 square feet of ground-floor retail at Society Wynwood and Adam Neumann's Flow tower in Miami's Wynwood neighborhood, with an asking price of $76 million, according to The Real Deal. The space is leased to restaurant chains including Starbucks and Chipotle. Dwntwn Realty Advisors' Tony Arellano and Devlin Marinoff are handling the marketing, pricing the property at $1,800 per square foot.
The offering covers 14 retail suites across 2401 and 2431 Northwest Second Avenue, spanning the block between Northwest 24th and 25th streets. The 31,070-square-foot property at 2431 Northwest Second Avenue is priced at $54 million, while the 11,020-square-foot property at 2401 Northwest Second Avenue is asking $22 million. The properties can be acquired together or separately.
The spaces are 87 percent leased to 13 tenants under triple-net leases, with rents ranging from $100 to $150 per square foot and a weighted average lease term of 9.3 years. The median suite size is 2,660 square feet. The largest tenants are Nacho Daddy (5,430 square feet), Yuzu Sushi (3,700 square feet), and Riko's Pizza (3,440 square feet). The building's 5,500 square feet of vacant space is marketed at $120 per square foot. The property includes 73 dedicated garage parking spaces generating about $200,000 in annual income, and brokers project more than $60,000 in additional annual income if certain parking agreements are repriced to $300 per space per month.
Flow bought a 50 percent stake in the building in May and rebranded it from Society Wynwood. The listing is less than 200 feet from the planned Carnegie Mellon University campus, which is the catalyst behind Ken Griffin's $1.1 billion purchase of 35 acres from Moishe Mana. The campus is expected to open in 2028.
Activity in Wynwood has been strong this year, with retail leasing rising alongside new office and residential developments. Related Group recently sold 15,000 square feet of ground-floor retail at its NoMad Residences project to a Sunny Isles Beach-based LLC led by Hernan Gleizer and Fernando Alpern for $33 million. Mana sold a 13,000-square-foot retail building leased to Starr Restaurants' Pastis Miami to New York-based TriCap in July for $24.5 million, a deal also brokered by Dwntwn's Arellano and Marinoff. The Wynwood/Design District submarket posted the highest retail vacancy in Miami-Dade in the third quarter, according to Colliers. Colliers' data, which covers only shopping centers larger than 10,000 square feet, shows 2.9 million square feet of retail inventory across 111 buildings in the neighborhoods, an 8 percent vacancy rate, and 28,150 square feet under construction, and it would not capture smaller storefronts.
The offering covers 14 retail suites across 2401 and 2431 Northwest Second Avenue, spanning the block between Northwest 24th and 25th streets. The 31,070-square-foot property at 2431 Northwest Second Avenue is priced at $54 million, while the 11,020-square-foot property at 2401 Northwest Second Avenue is asking $22 million. The properties can be acquired together or separately.
The spaces are 87 percent leased to 13 tenants under triple-net leases, with rents ranging from $100 to $150 per square foot and a weighted average lease term of 9.3 years. The median suite size is 2,660 square feet. The largest tenants are Nacho Daddy (5,430 square feet), Yuzu Sushi (3,700 square feet), and Riko's Pizza (3,440 square feet). The building's 5,500 square feet of vacant space is marketed at $120 per square foot. The property includes 73 dedicated garage parking spaces generating about $200,000 in annual income, and brokers project more than $60,000 in additional annual income if certain parking agreements are repriced to $300 per space per month.
Flow bought a 50 percent stake in the building in May and rebranded it from Society Wynwood. The listing is less than 200 feet from the planned Carnegie Mellon University campus, which is the catalyst behind Ken Griffin's $1.1 billion purchase of 35 acres from Moishe Mana. The campus is expected to open in 2028.
Activity in Wynwood has been strong this year, with retail leasing rising alongside new office and residential developments. Related Group recently sold 15,000 square feet of ground-floor retail at its NoMad Residences project to a Sunny Isles Beach-based LLC led by Hernan Gleizer and Fernando Alpern for $33 million. Mana sold a 13,000-square-foot retail building leased to Starr Restaurants' Pastis Miami to New York-based TriCap in July for $24.5 million, a deal also brokered by Dwntwn's Arellano and Marinoff. The Wynwood/Design District submarket posted the highest retail vacancy in Miami-Dade in the third quarter, according to Colliers. Colliers' data, which covers only shopping centers larger than 10,000 square feet, shows 2.9 million square feet of retail inventory across 111 buildings in the neighborhoods, an 8 percent vacancy rate, and 28,150 square feet under construction, and it would not capture smaller storefronts.
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