JZ Capital Partners Limited, alongside its long-term real estate partner, RedSky Capital, LLC, has acquired 2700 NW 2nd Avenue, a new property in the Wynwood neighbourhood of Miami,
Florida.
The purchase price was $30.8 million, of which JZCP provided $12.9 million.
JZCP and RedSky plan to develop two Class-A buildings with ground floor retail, several floors of office space and below grade parking.
This property adds to JZCP’s previous investments in Miami’s Wynwood neighbourhood: 2407 NW 2nd Avenue and 2621 NW 2nd Avenue (which closed in the first quarter of 2015); 2501 NW 5th Avenue (which closed in the second quarter of 2015); 222-234 NW 24th Street (which closed in the fourth quarter of 2015); and 2200 NW 1st Avenue (which closed in the first quarter of 2016).
David Zalaznick, JZCP’s Founder and Investment Adviser, commented: “This asset is a unique opportunity to purchase one of the last premier development sites in prime Wynwood, and we are delighted to add this property to our growing real estate portfolio in South Florida.”
JZCP : JZ Capital buys Miami development site