The transaction, which totals 8.5 acres and over 166,000 SF of improved property, represents the largest industrial sale in Miami-Dade County to date in 2010 and ushers in a new era for Wynwood and the City of Miami’s Urban Core.
Miami, Florida February 08, 2010 – Metro 1 Properties President Tony Cho represented the buyer Mannigan Holdings DBA/ GRM Information Management Services, Inc. and Wayne Ramoski, Executive Director of Cushman & Wakefield of Florida, Inc. represented the Sellers of the landmark site located at 2235 NW Fifth Avenue.
Wynwood Community Economic Development Corp., the federally licensed former owner of the trade zone, agreed in March 2007 with real estate company RIMCI, which owned several parcels within the site, to hire Cushman and Wakefield to market the zone as a Gateway Business Center at Wynwood, executive director William Rios said. The Zone includes three industrial and office buildings totaling 166,000 square feet.
The Wynwood Foreign Trade Zone is within 1.5 miles of the Port of Miami and is licensed for duty-free trade with limited tariffs on imports and no tariffs on exports.
The city’s zoning code rewrite, Miami 21, which passed county commission late in 2009, targets Wynwood as a Priority Development Area and would likely be flexible about potential uses despite the current industrial zoning.
The new owner, GRM, one of the largest data storage companies in the US, intends on using the property at least in the interim for their core business, but has long term plans to redevelop the site and make it a destination and central focal point of the bourgeoning and vibrant Wynwood Arts District, which already is home to more than 100 international galleries, cafes, and unique urban spaces.
“This is great news for Miami, especially for Wynwood!” exclaims Tony Cho, President of Metro 1 Properties, a sustainable real estate brokerage and investment firm based in Wynwood, which focuses on urban real estate and sustainable development. “The Wynwood Trade Zone has been a blighted site and true impediment to growth for decades amidst the wonderfully exciting urban neighborhoods of Wynwood, Midtown and the Design District.” concludes Cho.
Based in Miami, Metro 1 Properties Inc. is a boutique commercial real estate brokerage firm dedicated to providing a superior level of advisory and transaction services for clients conducting business throughout the world. Metro 1 Properties offers clients the services of a vertically-Integrated, full service brokerage with a unique twist: the power of an advertising firm as well. Our services include commercial sales and leasing, landlord and tenant representation, sustainability services, M1 debt and equity finance and M1 Marketing.
Our focus is to build sustainable communities and effect the redevelopment of the urban core through strategic alliances with private investors, developers, landlords, retailers, tenants and governmental entities and to promote services that are sustainable, always advocating for smart growth. Metro 1 Properties is a member of the USGBC, Greater Miami Chamber of Commerce, ULI, CCIM, ICSC, CIASF, RAMB and RCA.
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For more information on Metro 1 Properties please visit www.metro1properties.com or call the Metro 1 Properties office at 305.571.9991