JZ Capital Partners and their property partner, RedSky, are paying $97.4m to acquire 2621 NW 2nd Avenue located in Miami’s Wynwood
neighbourhood and 1 NE 40th Street and 35 NE 40th Street (site of the Oak Tavern, pictured), two properties located in the Design District neighbourhood of Miami, Florida. JZ’s share of the purchase price was $4209m
These three properties follow JZCP’s first investment in Miami’s Wynwood neighbourhood, 2407 NW 2nd Avenue, which closed in January 2015. On a combined basis, the current Miami portfolio offers a total of 66,100 sq. ft. of prime retail and office rental with an additional 265,350 buildable sq. ft. providing future flexibility to develop a mix of luxury retail, high-end office, residential, or hotel space. The portfolio features 260 ft. of frontage on NE 40th Street and 210 ft. of frontage on NW 2nd Avenue, each the premiere retail corridor in its respective neighbourhood.
JZCP : JZ Capital buys more property in Miami