A Wynwood office building has traded hands between two construction companies for $3.7 million, The Real Deal has learned.
The site, at 2400 Northeast Second Avenue in Miami, includes a 10,151-square-foot building on a 12,872-square-foot lot.
Brodson Construction has purchased the property, which was previously owned by Amicon Construction Services, with plans to redevelop it into retail space, said Lyle Chariff, president of Chariff Realty Group.
Chariff and Mauricio Zapata, also of Chariff Realty Group, represented the seller in the deal. David Lombardi of Lombardi Properties represented the buyer.
The property was last purchased for $500,000 in October 2002, according to Miami-Dade property records.
Chariff said Brodson, headed by Barry Brodsky, will redevelop the existing building and construct an adjacent building on the parking lot. The new structure will have two floors of retail space and a top floor of office space, said Chariff, who serves as a leasing consultant to Brodson Construction.
“We were advising and consulting on the highest and best use to achieve the most value we can achieve, and to reposition the property,” Chariff told TRD. “What appeared to be a very expensive deal, with a different set of eyes is a very inexpensive deal with a great value.”
Recent sales in Wynwood include a bundle of properties under contract for $23 million to Miami Beach-based Koniver Stern, a 1.8-acre lot for $15 million — a fivefold increase — and the Wynwood Block for $26 million.