PRESS RELEASE: Ari Dizpenza of Mizrach Realty Associates Closes $28 Million In Wynwood Sales Transactions

MIAMI - Wynwood, Florida-based Mizrach Realty Associates, has completed more than 317,000 square feet in sales transactions in Wynwood alone this year, totaling $27,736,200.

The 12 deals were negotiated by Ari Dispenza of Mizrach Realty Associates.

The largest transaction was the sale of a 26,000 square foot industrial building on a 50,500 square foot lot located at 70 NW 25 Street, which sold for $6,050,000.  The deal closed on September 23, 2013. Dispenza represented the Seller, 25 Street Art Spaces in the transaction.  Fran Clougherty of Majestic Properties represented the Buyer.

Following is a breakdown of the other Wynwood sales transactions:

38 NW 24 Street: A 9,500 SF building sold for $1,650,000-closed 8/2/13 – no other broker was involved in the deal.
95 NW 23 Street: A 10,000 SF building on a 50,000 SF lot sold for $2,000,000-closed 3/28/13 – no other broker was involved in the deal.
2245 N. Miami Ave: A 41,000 SF vacant lot sold for $1,700,000-closed 7/19/13 – Brightway Properties represented the Buyer.
2200 & 2230 NW 2nd Ave: A combined 32,500 SF building sold for $5,150,00-closed 7/27/13 – Recom represented the Seller.
382 NW 24 St & 375 NW 23 Street: A combined 7,000 SF sold for $1,400,000-closed 6/12/13 – no other broker was involved in the deal.
82 & 84 NW 34 Street: A 10,000 SF vacant lot sold for $250,000-closed 3/21/13 – Keller Williams co-brokered the transaction.
2301 N Miami Ave: A 13,000 SF building sold for $2,300,000-closed 6/28/13 – Claudio Practico of Great Properties Intl co-brokered the transaction.
81 & 87 NW 24 Street: An 11,000 SF building sold for $2,096,200-closed 8/13/13 – Fran Clougherty of Majestic Properties represented the Buyer.
80 NW 20 Street: A 30,000 SF vacant lot sold for $1,625,000-closed 5/22/13 – no other broker was involved in the deal.
21 NE 26 Street: A 6,500 SF building sold for $1,090,000-closed 8/28/13 – no other broker was involved in the deal.
2217 NW Miami Court: A 20,000 SF building sold for $2,425,000-closed 8/26/13 – Danny Zelonker of Real Miami Commercial co-brokered the deal.

“The future of Wynwood, with its upcoming zoning changes and subsequent development continues to command the attention of savvy investors from the local market as well as that of high-profile New York-based developers. The excitement continues to accelerate as do the prices now that a whole new level of investor has come into the Wynwood market,” said Dispenza.

Another $18 million in Wynwood deals represented by Dispenza is scheduled to close in the first quarter of 2014.

The transactions coincide with other extraordinary large-scale investments and developments within the Wynwood Arts district and adjacent up-and-coming urban neighborhoods including the Miami Design District, Edgewater and Midtown.

Though there were developers in the area prior, now-deceased visionary developer Tony Goldman brought increased attention to the area as an arts district and international destination.  Interest in the area has since been amplified by Midtown and by the extraordinary developments in the neighboring Design District.

TAGS: Investment