Wynwood redevelopment site listed for $22.5M

A pair of industrial properties directly across from the proposed Walmart in Miami’s Wynwood have been put up for sale at $22.5 million.

The listing includes two separate properties at 2916 and 2994 North Miami Avenue. Together, they cover roughly 1.12 acres of land between Wynwood and Midtown Miami.

The first, at 2916 North Miami Avenue, houses a 5,262-square-foot warehouse that is the home of Murphy’s Truck Rebuilding Service. It was built in 1945 and is owned by Joseph Ann Batcheller, who inherited the property from the estate of Lorean J. Deming.

The second, at 2994 North Miami Avenue, is split into three small parcels that include a 7,554-square-foot warehouse where Subsea Global Solutions, a ship repair service, has a location. The parcels were assembled gradually between 2001 and 2008 by 2994 North Miami Avenue Inc., which paid a grand total of $797,500 for all three. Corporate records show the company is managed by Kevin and Paul Peters of Miami.

Both lots are directly across the street from the contentious Walmart development site, and are within a mile of the retail strips at Midtown Miami.
A news release from Marcus & Millichap, which is handling the listing, said the owners are selling together. Scott Sandelin and Jonathan De Le Rosa of M&M are the agents on the property.

“Over the past several years, the Wynwood area has become one of — if not the —hottest submarkets in urban Miami,” says Sandelin. “In the near future, North Miami Avenue will most likely become the most densely populated and heavily commercialized area of Wynwood.”

The neighborhood has seen tremendous attention from both local and out-of-town developers, who are snapping up contiguous chunks for tens of millions. It’s on the cusp of being re-zoned to replace the overwhelming mix of industrial properties with denser mixed-use, residential, hotel and retail buildings.

Original Content from The Real Deal