RedSky Capital has struck again in the trendy Design District of Miami with the purchase of a $28 million property. Located on 35 N.E. 40th Street, the 17,391 square foot building was sold to an affiliate of RedSky. The three-story retail and office center building was built in 1969 and sits on a 12,500 square foot lot. The transaction works out to $1,610 per square foot for the building space. The building was last sold in 2004 for $2 million. RFK has represented RedSky in their most recent Miami acquisitions this year.
“The Design District is an extremely attractive market to New York-based investors, who view Miami as a gateway for brick and mortar exposure to affluent domestic and international tourists,” Drew Schaul said. “With foreign and out-of-state capital becoming more accessible, investor demand for well-located retail assets is increasing not only within the Design District, but spilling over into neighboring areas such as Wynwood and Edgewater.”
RedSky also acquired the Wynwood Block building in Miami for $29.5 million. The 28,754 square foot property has sits on a 37,800 square foot lot. The property, which was built in 1948, last sold for $6.35 million in 2012, and has redevelopment potential. RFK’s Benjamin Mandell and Drew Schaul represented RedSky in the deal.
