A industrial building in Miami’s Wynwood Art District has sold for $22 million to 201 NW 21 LLC, a company managed by Miami Beach investor Sam Herzberg. The 26,764 sqf building sits on a 49,000 sqf lot. With the new zoning standards, the site could house a 139,866 square foot structure with 62 residential units. The seller, Wynwood Propco, managed by Remy Jacobson in Aventura, was represented by Metro 1 Commercial’s Tony Cho and Tony Arellano. Wynwood Propco bought the asset in October 2014 for $3 million.
“Wynwood is an extremely special and unique sub-market and we are very proud to have been part of its creation and evolution,” said Tony Cho, whose firm completed $65 million in sales in March in Wynwood. “It requires keen market knowledge and experience to fully understand and communicate the incredible value and the tremendous upside potential of this neighborhood.”
