Ground Floor of Wynwood Apartments Sells for $22.5M

Property Markets Group (PMG) sold the ground-floor commercial space at the new Society Wynwood apartment complex in Miami for $22.5 million.

The S. Florida Business Journal reports that a partnership between local real estate investors Tricera Capital, LNDMRK Development, and Lion Development Group purchased 32,000 square feet of retail space at 2431 N.W. Second Ave. It’s on the bottom floor of the 10-story, 318-unit apartment complex PMG recently completed.

The buyers have had the commercial space under contract for a while and already have more than 50% of the space pre-leased. Tenants include Starbucks, Mexican restaurant chain Nacho Daddy, Brazilian steakhouse Chama De Fogo, and I Scream Gelato, which occupies 1,300 square feet.

The asking rent for the remaining space is above $100 per square foot.

Seacoast Bank financed the acquisition with Jason Krane an Ackman Ziff’s involvement.