Crunch Fitness founder Doug Levine is burning more weight off his commercial portfolio in Miami’s Wynwood neighborhood, selling office condos for $23.5 million.
Levine, who leads Miami Beach-based Big Move Properties, sold the fully leased upper two floors of the three-story Wynwood Sky Office Building at 1900 Northeast Miami Court, Devlin Marinofff with Dwntwn Realty Advisors, told The Real Deal.
The buying entity, GW1 Sky, traces to Weston-based GWealth Management, state corporate records show. Levine provided the buyer with seller financing, Marinoff said. Jason Abitbol with Apex Capital Realty represented the buyer.
Marinoff and Tony Arellano, also with Dwntwn Realty Advisors, marketed the 40,000-square-foot office condos, which sold for roughly $4.5 million below asking price. Wynwood Sky’s main office tenant is Monster Energy. Other tenants include Aroma 360, Super Caddy, Seitrack US and Building Drops.
The office condos generate an annual rent roll of $2 million and a net operating income of $1.4 million, which is estimated to grow to $2.6 million a year by 2034, according to a marketing brochure.
In 2018, Levine acquired the 0.3-acre property by purchasing the entity that owned the land, records show. The previous sale price is not available. He converted the warehouse into a mixed-use building, selling the first floor to Los Angeles-based investor Mark Markos for $7.5 million during the renovation in 2020. The ground floor is leased to three restaurants.
Last year, Levine sold a three-building portfolio in Wynwood to New York-based Benaim X Partners for $23.5 million. The 0.7-acre assemblage is fully leased, but the properties can be redeveloped into a mixed-use project with a hotel or apartment component.
Levine still owns three other Wynwood sites, including a half-block of retail buildings next door to Wyn 545, an office building completed in 2020.
Wynwood office leasing got a major boost recently. Last month, billionaire Jeff Bezos’ Amazon leased 50,300 square feet of planned office space at Wynwood Plaza, a mixed-use project under construction by Oak Row Equities, L&L Holding, Shorenstein and Marcelo Claure’s Claure Group. The developers expect to finish the project this year.