New York-based development firm Thor Equities has acquired nearly a full city block in Miami’s Wynwood Arts District for $41.5 million. The deal includes five building that total approximately 45,000 square feet of space and 100,000 square feet of land. The purchase breaks down to $922 per square foot for the buildings and $415 per square foot of land. The seller, Lehman Family Partnership, managed by Dennis J. Lehman, accumulated the properties from 1973 to 1990 for a combined $636,600. Thor Equities stated the recently acquired plot has development rights in excess of 600,000 square feet.
“The already burgeoning Wynwood Art District is primed for a mixed-use, residential rezoning that will spur further development, and accelerate its ongoing transformation from an underutilized industrial area into a true live-work-play community,” said Joseph Sitt, CEO of Thor Equities.
