CIM Group just bought a 1.78-acre site in Wynwood, Wynwood Square, for $16.6 million where a 12-story mixed-use (apartments, office and retail) project is planned.
The Los Angeles- based CIM Group, which has more than $ 29 billion in assets, purchased the property from One Real Estate Investment for $ 214 per square foot at 2201 North Miami Avenue. According to a CIM press release, the site is fully entitled and One Real Estate Investment will be a co- developer on the property.
One real estate investment based in Miami, led by Jeronimo Hirschfeld, sought to build a project called Wynwood Square with 241 apartments, 60,290 square feet of office space, 27,212 square feet of retail space and 481 parking spaces.
According to property records, Hirschfeld’s company purchased the property for more than $15 million in 2015. But the company put the 77,580-square-foot site on the market in 2017. Hirschfeld mentioned in the past that he invested several million dollars more in pre-development costs.
At the moment, CIM is developing Caoba, a 444-unit, 43-story apartment tower in downtown Miami. Caoba is part of the Miami Worldcenter project in which CIM is also an owner and co- developer.
One Real Estate Investment has not recently commented on further ongoing for this project.
Read the Original Article Here: CIM Group pays $17M for Wynwood Square property