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A company led by David Edelstein, the head of New York real estate group TriStar Capital, acquired a property in Miami’s hot Wynwood neighborhood for $10.23 million.
The price equates to $588 per square foot for the retail space at 3322 N. Miami Ave., just on the edge of Wynwood near Midtown. That may sound pricy, but other Wynwood properties have recently traded for over $1,000 per square foot of commercial space.
Casan Investments, managed by Wilfredo Santiago in Miami, sold the 17,380-square-foot retail building on the 20,790-square-foot lot plus the 5,000-square-foot lot behind it to 33 Midstar Buyer, which is managed by Edelstein and attorney William S. Weisman in Boca Raton. Comerica Bank provided a $9.25 million mortgage for the deal, with an uncommonly high loan-to-value of 90 percent.
Tenants in the building include Omega Decor. It last traded for $330,000 in 1986 and was assessed by the county property appraiser at $1 million. The building was constructed in 1949.
“Wynwood continues to present a trajectory for growth, particularly with the explosive growth of residential developments in Midtown and the convenient access provided to vehicular and foot traffic. The plans for this particular building is to create retail space, including flagship opportunities, for ‘high street’ brands,” Edelstein said in a statement. “As the neighborhoods in this area of Miami continue to grow and its visibility increases, the 33rd street block of North Miami Avenue is primed to be a coveted location.”
Edelstein has been active lately in South Florida, partnering on the $88 million purchase of the ArtCenter building on South Beach’s Lincoln Road, selling the Raleigh Hotel to Tommy Hilfiger’s company for $56.6 million, and getting into a lease dispute with YUVA on Lincoln Road. He also built the W South Beach.