New York developer David Edelstein expanded his Wynwood holdings by spending $4 million on a smoke shop and art gallery in the Miami neighborhood.
Edelstein paid about $2.5 million more than what the properties traded for in May 2012. The parcels at 2701 Northwest Second Avenue and 187 Northwest 27th Street total nearly 12,000 square feet.
One of the buildings is occupied by smoke shop Ocean Grown Glass Gallery, according to the Daily Business Review. The buildings face the site of a residential development proposed by Goldman Properties.
An Edelstein joint venture plans a mixed-use project at nearby 2801 Northwest Third Avenue. The developer also has a stake in eight properties totaling more than 1.6 acres on Northwest 24th Street and two industrial buildings on about 0.8 of an acre at the intersection of Northwest 26th Street and Miami Avenue. [Daily Business Review] — Eric Kalis