Related Group pays $19M for Wynwood development site

Posted :
May 13, 2020
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As reported in The Real Deal.

The Related Group closed on a development site in Wynwood for $18.5 million.

PRH Investments LLC, an affiliate of Miami-based Related, acquired a 2.27-acre assemblage of land at North Miami Avenue and Northwest 22nd Street, according to a press release from Cushman & Wakefield. The site is zoned T6-8, which allows for eight stories of mixed-use development.

The properties include 2141-2115 and 2150-2160 North Miami Avenue, 38 Northwest 22nd Street and 2155 Northwest Miami Court. They are near CIM Group and One Real Estate Development’s Wynwood Square, a mixed-use project with apartments, office and retail space in the southeast quadrant of Wynwood.

Diamedix Corp., a medical diagnostics company, sold the assemblage. The site was previously home to a medical manufacturing facility with five buildings totaling 51,205 square feet of building space.

Related has a number of projects in Wynwood. Last year, Related and East End Capital completed Wynwood 25, an apartment building, and the adjacent Wynwood Annex office building. In February, the two developers closed on $136 million in refinancing for the projects from Blackstone.

Related is also working with developers Alex Karakhanian and Tricera Capital on plans for a mixed-use project called The Dorsey at Northwest Third Avenue between 28th and 29th streets.