A joint venture between two New York investment firms just bought an entire block on the west side of North Miami Avenue, between 24th Street and 25th Street, in Miami’s white-hot Wynwood neighborhood.
The partnership, between Yellow Side Ventures and East End Capital, paid $11 million for the portfolio, Dan Arev, a partner in Yellow Side Ventures, told The Real Deal. The purchase includes a separate parcel across the street, at the corner of North Miami Avenue and 24th Street, he said. Yellow Side partners include Arev, Chaim Cahane and Jon Krasner. East End Capital’s partners are Jonathon Yormak and David Peretz.
The property adds to the New York investors’ growing Wynwood portfolio. Last May, the partners bought a 20,911 square-foot warehouse at 2214 North Miami Avenue for $4.7 million. And last February, they spent $5.3 million on another property on Northwest 23rd Street, just west of North Miami Avenue, that was formerly owned by Mega Shoes. They plan to transform that site into a retail center.
Downtown Towing was the seller of their latest block-long purchase and out-parcel, totaling 70,000 square feet. Cahane spent six months working with the seller to make the deal happen, Arev said.
“Everyone was trying to make a deal with this guy for a long time, and no one was able to,” he said. “Yellow Side was able to enter into negotiations with the owner to make a deal, due to Cahane’s persistence and relationship with owner.”
The partners are now awaiting rezoning of the site, and then plan to create a mixed-use project with a hotel, apartments, retail and parking, he said.
Two blocks south, New York developer Sonny Bazbaz has plans for a hotel expected to feature studio and one-bedroom apartments, hotel rooms, retail and parking for more than 300 cars.
“Wynwood has become a major thoroughfare,” Arev said, “for developers around the country to look at and invest.”